This short note analyzes the fiscal and distributive impacts of the proposed pension reform currently under discussion in Brazil. It argues that the projected aging of Brazil`s population makes pension reform a necessity to regain the financial sustainability of the public pension system. Further, it analyses the distributional impact of the proposed reform showing that the biggest gains of the current system go to the top three quintiles of the population. Consequently, a reform of the pension system, by reducing the subsidies received by these groups, aside from contributing to its future sustainability would make the public pension system less regressive.