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The Tontine: An Improvement on the Conventional Annuity?

This article examines the relative merits of a tontine, or pooled-survival fund (“PSF”), as a way of providing longevity insurance, compared with conventional instruments like a life annuity. The current economic, financial, and regulatory environments in much of the industrialized world have increased this long-forgotten instrument’s attractiveness. The article advances the case that a PSF, the modern version of a tontine, can provide a superior combination of longevity insurance and income compared with traditional solutions and annuities in particular. Given the scale and robust legislative, governance, and operational framework of the defined contribution pension systems in many countries around the world (and Australia’s superannuation system in particular), the PSF could be readily integrated into the existing pension system. The result will be a superior benefit for pension plan members that does not strain the regulatory framework.