The crisis in pension systems is present in all countries worldwide. In European Union countries, it is evident that the design of pension systems varies significantly among member states, and generating distinctions between them leads to their different sustainability. The main factors influencing the crisis in pension system functionality are cited as the pronounced longer trend of life expectancy than expected, global economic crises, high unemployment rates, globalization, competition in the pension insurance sector, forms of pension benefit payments, as well as the structure of pension expenditures. This paper analyzes the demographic challenges of the pension system of the Republic of Serbia, focusing on the structure of pension expenditures as the dominant and most important category of expenditures of the Pension and Disability Insurance Fund. The paper aims to highlight the most important factors of pension system sustainability. The research results have shown statistically significant differences in average pension amounts among different categories of pension beneficiaries, thereby endangering the financial stability of the pension system of the Republic of Serbia. In the final part of the paper, possible directions for reforming the pension system of the Republic of Serbia are indicated.

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