This article analyses the redistributive impact of the French private-sector employees' pension scheme for the generations born in the 1950s, before the 2003 reform. The redistributive transfers are evaluated based on a comparison of the internal rates of return. Intragenerational redistribution can be studied from two angles: vertically, based on wages; and horizontally, associated mainly with the number of children. Redistribution is considered at both individual and couple level so as to neutralise pension-scheme-induced transfers between members of the same household (especially from man to woman). The analysis is made using the 1998 Assets Survey rounded out by the Destinie dynamic microsimulation model. Redistribution between individuals is clearly shown: women, and particularly those with the lowest wages, are the main beneficiaries of this. Redistribution is even clearer among couples and runs mainly in the direction of those with the lowest wages. A large proportion of this vertical redistribution can be put down to the minimum earnings-related pension. Transfers to couples that have raised more children are very clear and are largely due to child-related additional pension rights. Moreover, anti-redistributive transfers due to mortality differentials remain small. They are concentrated among the male population, but do not generally give rise to anti-redistributive transfers among the men. They do not affect redistribution among couples.