This paper uses a consistent method to compare pension benefits in the Baltic states. The approach is "microeconomic", looking at individual entitlements under the reformed retirement income regimes. The pension entitlements that are modelled are those that are currently legislated. There is no attempt at determining the affordability of these entitlements. The projections of benefits for full-career workers show that these new systems are well diversified, with around half of the net replacement rate coming from the funded schemes in Estonia and Latvia and one third in Lithuania. The new systems are also broadly neutral with regard to pension age and do not encourage early retirement to the degree of many OECD countries. On the other hand, the new systems are more generous and less redistributive than all but a couple of OECD countries. The treatment of pensioners under the personal income tax is also exceptionally generous in all three countries...