Trust and Distrust in Pension Providers in Times of Decline and Reform

Participants’ trust in pension intstitutions (pension funds and government) is crucial because pension providers try to fulfil their pension promises in a fundamentally uncertain world. Therefore, buffers are necessary to cover shocks, like the Great Recession, in order to make good on those promises. But, do shocks to financial buffers, like the funding ratio and the public debt ratio, really affect the trust of citizens in pension funds and the government