For centuries, informal arrangements such as intra-family transfers have been the primary source of old-age income support in South Asia. Current patterns suggest that only around 1 in 10 of South Asia’s half a billion workers will enter old age with a pension related to pre-retirement earnings. Pension schemes in South Asia cover small shares of the population, concentrated in the formal sector. Formal retirement programs that help participants’ smooth consumption over their lifetime may cover only a small share of the population in South Asia, but what is key is that the reform matters for everyone due to rising fiscal costs, economic inefficiencies, and long-term social policy. This study encompasses themes on the challenges facing retirement income schemes in South Asia, the rising tide of reform with the civil service pension schemes, the need for change within the mandatory pension and provident fund schemes of the private sector, facilitating the expansion of voluntary retirement savings arrangements and building stronger foundations for retirement savings schemes. Finally, the conclusion examines the reforming of pension schemes for the formal sector and questions the expected gains that can be attained from reform.