We study the validity of partially trusting the phase noise associated with estimation uncertainty in a continuous variable quantum key distribution system with a local local oscillator (LLO-CVQKD) and investigate optimal system parameters. We find that the trusted phase noise model enhances the key rate and transmission distance performance but opens a security loophole by manipulating the reference pulse amplitude. Therefore, we propose a 'reference pulse attack' on the trusted phase noise LLO-CVQKD system where Eve achieves 100% information hacking without being detected at 23.8km and 32.0km while using lossless and 0.14dB/km loss channels, respectively. Nevertheless, by re-analyzing the attack, countermeasures are also proposed to keep the performance advantages of the trusted phase noise model. As a result, the trusted phase noise LLO-CVQKD can still provide a superior secure key rate (e.g., 9 times higher key rate at 20km) and an increased transmission distance by 45%, compared to that of the untrusted phase noise system.