This paper seeks to conceptualize the term of intergenerational fairness with particular attention paid to possible comparative cross-country studies in this field that would aim at searching for the most efficient welfare policies serving for long-term equilibrium between generations in terms of well-being. According to the concept proposed, intergenerational fairness means such relations between different age groups which, in the context of given economic, political and demographic conditions, do not discriminate against any age group in terms of its present and future living situation. This includes present transfers (today) and their impact on prospects (future). Thus, intergenerational fairness cannot be measured only with reference to the contemporary situation, it must also account for the future.