The article carries out the stages and directions of the pension system reformation for the citizens of Ukraine that will allow inventing the new ways of its improvement. It is proved, that necessity in reforms realization is caused by such factors as a demographic and economic situation in Ukraine and world tendencies. Ukraine belongs to the states with a senescent population that creates the systematic worsening of relations between working citizens and citizens of retirement age that results in deformation in the pension system. It is discovered on the basis of analysis of foreign countries pension systems, that Ukraine uses positive experience of the European countries and builds its own economic mechanism of the pension provision, paying regard to the standard of living, demographic situation, investment constituent and pension politics of the state, resources and possibilities of national economy and longterm prospect. Successful realization of reform of the national pension system needs time and solving of such important problems, as production raising, increasing of financial possibilities of the pension system, employment expansion of able to work population, reduction of unemployment, increase of salary, expansion of base of pension payments because of pension insurance for all legal entities and natural persons.