This article discusses the international experience of pension reform and examines the experience of the world, including Japan, and compares the characteristics of the pension system in Uzbekistan. The need to transform the Uzbek pension system is due to the increase in maintenance costs, dependence on budget revenues and contributions, low assets and the expected increase in the budget deficit of the Pension Fund of Uzbekistan. In order to improve the national pension system, a package of measures is proposed to ensure its financial balance.