ESSENCE AND CONTENT OF THE PENSION INSURANCE SYSTEM

The article shows the relevance of the pension insurance system in today's challenges, the number of which is increasing every year. Such challenges are forcing economic systems to bend and look for new ways to function effectively. The pension insurance system, which is part of the social security system, is one such system that also accepts global challenges. Difficult conditions for the functioning of economic systems have led to lower incomes and a loss of public confidence in the social security system in a number of countries. Pension insurance is an area that affects all citizens of the country. Its qualitative and quantitative characteristics indicate the level of social, economic, legal and cultural development of society and the state. The article considers the essence of the pension insurance system, in particular, shows a scientific discussion on its definition by various scientists. The signs of such a basic category of the pension insurance system as a pension are demonstrated. A comparison of the definition of pension insurance and pension provision is made. Peculiarities of pension insurance in contrast to pension provision are revealed. The functions of pension insurance that already exist and that need a name are highlighted. The subjects, objects and infrastructure of the pension insurance system are shown. Forms of the pension insurance system have been identified, including voluntary and compulsory. The classifications of the pension insurance system are demonstrated by features developed by various scientists and financial institutions, including the World Bank, which can be used to trace the general trend in the world regarding the availability of pension insurance systems, in particular. levels, depending on the level of pensions and the ratio of public and private components, the principle of funding and the role of the state.