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The Innovative Old-Age Provision Product Tontine: An Instrument to Mitigate the Problems of a Society Experiencing Ever-Increasing Longevity

The Demographic Challenge and the Retirement Smile The related increase in what is known as the pension quotient renders the maintenance of pay-as-you-go (PAYG)-based old-age provision systems such as the statutory pension system in Germany more difficult. In contrast, funded pension provision products characterized by individual savings of financial resources for the time after entering the pension phase are gaining increasing importance. This problematic situation of an ever-increasingly aging society structure is being compounded by rising needs for financial resources on the part of senior citizens. Thanks to medical advances made in past decades, meanwhile a large number of illnesses and complaints can be treated that used to be terminal in nature only 50 years ago. However, these medical measures and treatment methods are frequently associated with enormous costs, especially in advanced age, when afflictions tend to become more frequent. This trend is also discernible according to a study carried out by Standard Life in 2013, which shows that on average, the total expenditure of a person aged 85 is six times higher than that of a comparable 65-year-old person. The development of capital needs of senior citizens can be described in a U-shaped development that is also referred to as the Retirement Smile (see Figure 2).