A varifocal ocular lens is disclosed. The varifocal ocular lens is based on a pancake lens having a polarization-folded optical path formed by two reflectors, e.g. one polarization-selective reflector and one partial reflector. By placing at least one of the reflectors onto a flexible deformable membrane, the shape e.g. radius of curvature and/or cylindricity of the reflector(s) may be dynamically changed to vary focal length and/or astigmatism of the ocular lens. Viewer's visual prescription and eye vergence may be dynamically and/or statically accommodated by the varifocal lens.