Abstract: The paper highlights the main stages of reforming the pension system of Ukraine and analyzes the main indicators. The indicators of revenues and expenditures of the Pension Fund of Ukraine for each of the selected stages are analyzed and an assessment of the balance of its budget is provided. The analysis of the dynamics of the national pension system allowed us to identify the main threats to the process of its reform and Europeanization. It is argued that to identify and prioritize these threats, it is advisable to use the tools of mathematical analysis and modeling, in particular, the hierarchical method of modeling T. Saati. Many threats to the pension system of Ukraine have been identified and the probable causal links between them have been clarified, which are presented in the form of a dependency graph. A hierarchical model of threats was built, which allowed to determine the priority of priority tasks for reforming the pension system of Ukraine. The first, lowest level of the threat hierarchy includes a low level of pensions (replacement coefficients). The second level of the threat hierarchy includes a high level of differentiation of incomes in different regions and sectors of the economy. Imperfect administration of pension assets belongs to the third level of the threat hierarchy for the national pension insurance system. The next fourth stage of threats is the PFC budget deficit and significant amounts of subsidies from the State budget. The group of significant threats of the fifth level includes the following: delays in the introduction of the second and third levels of the pension system, the outflow of labor abroad and the aging population, limited use of investment instruments and other financial institutions. The highest — the sixth level of threats to the development of the pension system of Ukraine is a significant shadowing of the labor market and PFC activities. The application of T. Saati’s modeling method in the work allowed to develop practical recommendations for a comprehensive approach to reform in the context of Europeanization of the national pension system. It is argued that the intensification of pension reform will have a positive impact on the entire economic system of the country, as it will create additional incentives for businesses to come out of the shadows and form a significant internal potential of financial resources for investment and economic development