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Immigration is often perceived as an instrument of adaptation for ageing countries. In this paper, we evaluate, using a dynamic general equilibrium model, the contribution of migration policy in reducing the tax burden associated with the ageing population in France. We show that the age and skill structure of immigrants is the key feature that mainly determines the effects on social protection finances. Overall, these effects are all the more positive in the short to medium term the more migration policy is selective (in favor of more skilled workers). In the long term, beneficial effects of a selective policy may disappear. However, the financial gains from more consequent migration flows are relatively moderate compared to demographic changes they imply.Classification JEL:C68, D58, E60, H55, H68