Trust in the pensions industry has risen slightly in 2026, although overall public confidence remains fragile, research from Trafalgar House has revealed.

The firm’s latest Trust & Confidence Index found that trust increased to 5.32 out of 10 in 2026, up from 5.23 in 2025, continuing a gradual upward trend from 4.63 in 2021.

Despite this improvement, Trafalgar House suggested that sentiment towards pensions remained lukewarm, with the most common response continuing to be a neutral score of five out of 10, indicating widespread indifference among the public.

Commenting on the findings, Trafalgar House client director, Daniel Taylor, warned that trust in pensions “remains moderate, and far from a ringing endorsement”, although he noted that the direction of travel was positive.

He explained that the increase in the overall score had been driven by fewer respondents giving the lowest possible ratings, alongside a modest rise in mid- to higher-range scores.

However, Taylor stressed that confidence remained fragile, highlighting a growing proportion of respondents who were unsure about their level of trust in pension providers.

Indeed, the research showed that 18.3 per cent of individuals said they “don’t know” how much they trusted providers, up from 15.8 per cent in 2025.

He suggested that this rising uncertainty underscored the industry's ongoing challenge to communicate more clearly and meaningfully with savers.

Taylor added that while the gradual improvement in trust was “subtle but important”, the persistence of indifference and uncertainty indicated that the industry was not doing enough to engage the public.

He argued that technical improvements and repeated messaging on engagement alone would not be sufficient, stressing that the sector must focus on making pensions more meaningful and understandable if it is to build sustained trust.

The research, based on responses from more than 2,000 UK adults, also found that trust levels have remained broadly stable in recent years, with only modest fluctuations since 2021.

Further findings from the 2026 index, including insights into the factors influencing trust and differences across demographic groups, are expected to be published in the coming weeks.

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