The article analyzes the pension system in Ukraine as a component of social protection. The structure of the three-tier pension system is given. The principles of realization of the process of reforming the pension system of Ukraine are determined. Problems of domestic development of pension provision are considered in stages. The first stage (1991-2004) was the period of Ukraine's use of the old norms on pensions, which was characteristic of the command-and-control economy. The second period (2004-2009) is a period of active discussion and adoption of a number of documents on the construction of a three-tier pension system. 2010-2014 – the third period of significant changes in the mandatory pension insurance. The fourth period – 2014-2018 – the period of introduction of strict restrictions and freezing of pension indexation. The dynamics of expenditures and revenues of the Pension Fund of Ukraine for 2016-2019 is analyzed. It is determined that the main reasons for the increase in arrears of payments to the Pension Fund are: non-payment of obligations on the amount of SDRs by individual entrepreneurs; lack of funds to finance current liabilities of state-owned enterprises to reimburse the amounts of actual costs for the payment and delivery of preferential pensions and debt repayment.

The article classifies social risks into traditional and non-traditional and their impact on the regulation of the social protection system in Ukraine. The modern problems of financing the sphere of social protection of the population in Ukraine are revealed and the ways of their overcoming are outlined. The dynamics of arrears of wages in Ukraine and the dynamics of real disposable income of the population of Ukraine for 2005-2018 are presented. It is proved that one of the significant obstacles to the effective implementation of social policy in our country is the insufficient level of its financial support in combination with irrational planning, distribution and inefficient use of available financial resources. Respondents’ assessment of the degree of impact of traditional and non-traditional social risks on the social protection of citizens is presented. It is determined that the progressive and dynamic development of Ukraine today can focus on the socialization of the economic system with full consideration of the needs, interests of the population, its incentives for productive work to realize their own professional potential, comprehensive development, receiving a decent reward for work.