Pension systems remain a national competence in the EU member states and are undergoing reforms in all European countries. There are some tendencies to integration of the systems, but large differences remain. This chapter assesses the chances for differentiated integration with regard to pension policy and whether the Nordic welfare states will lead the way for the rest of Europe. In doing so, it analyses problems related to aging and the pension systems in Europe and the differences between the solutions in the European countries. It shows that even in the Nordics pension systems are very different and reforms are marked by path dependence. This continues to represent an obstacle to labour mobility in the region. The chapter concludes that there are only few signs of integration of the pensions systems in the EU and in the Nordic countries. Thus, the Nordics cannot serve as a model case of differentiated integration in the fields of pensions.