This study is a systematic analysis of the current debate in leading English-language journals about the future of social policy in an aging society. Pension systems have been reformed in most European countries in recent decades, but there are types of reforms that can shift the burden of aging to other generations. If the benefits and costs of these reforms affect generations’ perceptions of social policy in different ways, then pension reform can be used as a tool to improve not only public finances, but also intergenerational solidarity. The investigation of the relationship between different types of pension reforms and social justice is one of the tasks of this study. One of the main challenges was to understand whether the changes in social policy could intensify or reduce the conflicts between generations. The results showed that the support for social policy, which is mainly aimed at older people, has declined in most European countries, although the vast majority of people believe that the state should provide a reasonable standard of living for older people. Support for the elderly declined more in the countries that raised the retirement age and introduced multi-pillar pensions. At the same time, a well-functioning intergenerational welfare pact is not only about ensuring the well-being of older people. It is also a preference for policies that support the working population and those under working age. The rebalancing of the intergenerational welfare pact can provide a solid foundation for an adequate pension policy.