This article analyses the effect of the Swedish pension rules on women's and men's pensions. This is done on the basis of an empirical analysis of a representative sample of the population. The study indicates that the rules are least advantageous for women in typical low‐wage occupations. I also relate different people's pension benefits to what they have had to pay into the pension system in the course of their working lives. My calculations show that female low‐wage earners probably have to pay more for their pensions than other gro