We study the demand for retirement products given access to innovative plans which depend on the realized survival probabilities, like tontines, in addition to traditional annuities. Preferences of agents are modeled by a generalized life-cycle utility function allowing for temporal risk...

The paper studies the incorporation of an explicit fee in modern tontine schemes and investigates how it affects the attractiveness of these products, both from the insurer’s and tontine participants’ viewpoint. We consider a single initial fee, and a variable fee, where the latter can be...

Many empirical studies confirm that policyholder's subjective mortality beliefs deviate from the information given by publicly available mortality tables. In this study, we look at the effect of subjective mortality beliefs on the perceived attractiveness of retirement products, focusing on two...

The present paper answers the question of how the well-being of individual investors (e.g. pension beneficiaries) is affected by having their capital invested in a collective fund. To achieve this, we lay out and solve an optimal collective investment problem under a portfolio insurance...

We study the demand for retirement products given that individuals have access to innovative plans depending on the realized survival probabilities, like tontines, in addition to traditional annuities. Preferences of agents are modeled by a generalized life-cycle utility function allowing for...

Tontines, retirement products constructed in such a way that the longevity risk is shared in a pool of policyholders, have recently gained vast attention from researchers and practitioners. Typically, these products are cheaper than annuities, but do not provide stable payments to policyholders....

Increases in the life expectancy, the low interest rate environment and the tightening solvency regulation have led to the rebirth of tontines. Compared to annuities, where insurers bear all the longevity risk, policyholders bear most of the longevity risk in a tontine. Following Donnelly and...