This report, Argentina facing thechallenge of ageing and social security, is structured infive parts that follow the introduction and summary of mainfindings. Part I presents a conceptual framework fordecision makers charged with crafting policies for old ageincome security, and describes the evolution and structureof Argentina's pension institutions. Part II presentsthe findings of the household empirical analysis usingexisting surveys and the new data from the ETEEP, includingthe importance of pensions to household income and poverty,the micro-determinants of coverage, and the viability ofother income security strategies for the most vulnerable.Part III focuses solely on policies and programs designed toensure minimum income and cover poverty in old age,presenting estimates of the fiscal cost of proposals made bythe principal actors and stake-holders in the pension reformdebate. Part IV examines the main pension policy issues inthis debate and places these issues in internationalcontext. Part V presents some options for the Government andstakeholders to consider as Argentina enters a more detailedand deliberate phase of defining pension reform.