In a number of Latin American countries with defined contribution pensions, joint annuities are required. For an equal fund value, married men who buy a joint annuity get a lower individual benefit than single men because the right to additional benefit (the widow’s pension) is contracted with the same fund (James 2012: 27). In contrast, NDC systems do not currently permit joint annuities. The transition from a male breadwinner model to de-familiarized pension systems raises complex policy dilemmas from a gender equality perspective.