The most structural reformer in the region was Hungary, which in 2010 effectively closed down the systems of individual accounts implemented in 1998 (Calvoetal. In Latin America, Argentina also ended the private system of individual accounts in 2008 to return to a fully public defined benefit and PAYG pension model (Arza 2012b). However, since women are more dependent on public support in old age,theyare likely to suffer most from pension cuts, including less generous indexation rules, because they live longer, receive benefits for a longer period and thus face higher risks of benefit depreciation over time.