Debate on pension privatisation in Europe has provided useful insights into the diversity of European pension systems in terms of ideological orientation, design features and reform paths followed. However, the gender dimension has often been neglected. Thus a recent analysis states that, depending on predominant social values, pension privatisation may be ‘consistent with the notion of collective responsibility for needs-satisfaction’ (Hyde et al., 2003: 189). Yet the unequal effects of privatisation on men and women are ignored. This article argues that, despite considerable variation among countries in the nature of their private pension schemes, the latter share a failure to incorporate allowances for periods of unpaid caring work over the lifecourse. Comparison of the needs-satisfying capacity of private and public pensions must take account of the situation of those who raise the next generation of producers and taxpayers.