This thesis examines a sustainable and generationally fair pension contract (reform). By means of a value-based ALM study, I indicate whether age cohorts gain or lose from a contract reform. I demonstrate that the current FTK pension contract ambition to safeguard a nominal pension while aspiring a real pension is not sustainable and fair across generations. First, for the current average funding position of the Dutch pension funds, the current FTK contract does not proportionally reward the elderly for the risks they are exposed to.