As policy makers have sought to reconfigure the public–private boundaries of their pension systems, trust has become an increasingly salient issue. At stake is the attainment of desired policy outcomes regarding retirement. By what criteria, then, should the capacity of pension institutions to build and sustain trust be assessed? This article emphasises the strategic importance of institutional design in the trust process. Building on Sztompka's seminal analysis of the institutional foundations of trust, and a substantial review of the literature and survey evidence regarding public confidence in pensions, we identify, justify and give indicative operational content to six trust benchmarks. This provides a conceptual foundation for future empirical research on the capacity of pension institutions to build and sustain trust.