Recent multi-pillar pension reforms tighten the link between payroll contributions and benefits, leading critics to argue that they will hurt women, who have less continuous employment and earn lower wages than men. However, these reforms also remove distortions and target redistributions to low earners, which help women. This paper tests these conflicting claims in the case of three Latin American countries-Chile, Argentina and Mexico. We find that women’s own-annuities are lower than those of men in multi-pillar pension schemes, but women are recipients of net public transfers and private intra-household transfers through joint pensions. As a result, women have gained more than men from the reforms.