This chapter examines pensions as a factor fuelling Greece’s crisis, as a consideration shaping its bailouts, and as a locus for future unease. The problem was not the absence of reform—there were repeated ineffectual changes before 2010. Nor was it due to structural faults—the system’s building blocks are familiar. A toxic mixture of narratives, between social insurance, government, and social pensions, encouraged fragmentation, transforming sectional privileges into future liabilities; pensions became a key instrument of clientelistic politics. During the crisis a new player, the Troika, reversed ‘Words without Action’ into ‘Action without Words’. The pension landscape after 2018 is characterized by a new system and a recalibration of pensions to restrain their level. Two-tier pensions are provided by a single entity, financed by uniform contributions, with high retirement ages for new retirees. The attempt to protect those close to retirement backfired and necessitated deep cuts in pensions-in-payment. When these were ruled unconstitutional, their place was taken by retroactive application of new system rules to all pensioners in 2016. Despite deep parametric changes, Greece chose institutional continuity over systemic change—opting for a monolithic state-run pay-as-you-go defined benefit pension system, reminiscent of the 1960s. The evolving system is called to overcome the legacy of broken promises, must prove politically durable but also conducive to growth. The last word on pensions may not have been written.