Should a pension reform be announced? A reply. Economics Letters, 2019. (ideas.repec.org/a/eee/ecolet/v183y2019ic5.html) This project studies the lifetime utility and social welfare implications of announced versus unannounced pension reform in a log utility version of the Diamond (1965) overlapping generations model. The model is solved without approximation using Matlab. The paper to which the reply is addressed is Fedotenkov (2016, Economics Letters): Ignorance is bliss: Should a pension reform be announced. The pension reform is a cut in the balanced budget PAYGO contribution rate.