Accounting for pension obligations has been co-evolving with political and financial economic strategies aimed to prompt and promote active financial markets and institutional investors, as well as transnational harmonisation and convergence of accounting standards between private and public sectors. In this context, our article provides a theoretical analysis of accounting for pension obligations, drawing upon a comprehensive review of existing practice and regulation. The latter are still inconsistent with the actuarial representation that has been adopted by the IPSAS 25 (Employee Benefits) and the IAS 19 (Employee Benefits). According to our frame of analysis, a variety of viable modes of pension management exists and shall be acknowledged by accounting and financial regulations. Accounting (and financial economic) concepts and regulatory recommendations are then elaborated in view to clarify and improve on pension protection, that is, the assurance of continued provision of pension payments at their agreed levels under viable alternative modes of pension management.