The Covid-19 crisis has affected social and labour market policy in many respects. Pensions – that are apparently immune from the effects of the pandemic – have also been challenged by its economic and social consequences. This paper is a first exploratory study of the way new instruments like the Recovery and Resilience Facility (that is big part of the Next Generation EU (NGEU) have affected pension policy and the present and future wellbeing of the elderly. The paper refers to a broad spectrum of policy fields that affect old age and the main social risk of this period of each life. In the aftermath of the pandemic crisis, in fact, the EU reviewed its economic and social governance, with the increase of its fiscal capacity and the further support of the economic growth of the Member States.