This evaluation focuses on the pension reform activities of the World Bank in Korea over the period 1997 to 2001. The evaluation was undertaken in the first half of 2004 and included careful consideration of Bank documents supplemented by interviews and follow-up correspondence with a wide range of Korean pension experts. The evaluation is set out as follows. Section 2 provides background in terms of the structure and performance of the Korean pension system before World Bank involvement. It also details the reforms achieved during the tenure of the Bank and discusses the preliminary results. Section 3 describes the evolution of World Bank assistance to Korea on pensions in the 1990s. The basic Bank strategy is also discussed in this section and the instruments of Bank assistance are outlined and partially evaluated. The impact of the World Bank assistance is detailed in section 4. Following the operations evaluation department (OED) framework, the Bank assistance to Korea on pension reform is assessed in terms of outcomes, institutional development impact and sustainability in this section. Attribution of results in terms of the performance of the Bank and the borrower are discussed in section 5. Finally, section 6 gives conclusions, lessons learned and an agenda for future action.