Paster analyses the reform of the Swedish pension system during the 1990s. Do the basic characteristics of the Swedish welfare model, universal benefit coverage and high replacement levels, still persist in the new pension system? Does the reform indicate a significant regime shift? The authors uses elements of the power resource theory and insitutional feedback arguments to explain the reform process and the reforms outcome. The study concludes, that some important characteristics of the pension system (compulsory coverage, public repsonsibility) persist in the new system, while substantial changes have occured in terms of qualifying conditions and benefit calculation.