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Retirement Tontines: Classical finance for retirement

by J. Mark Iwry, Claire Haldeman, William G. Gale, David C. John

Oct 31, 2020

J. Mark Iwry,
Claire Haldeman,
David C. John
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Abstract

We explore how a classical finance mechanism—the tontine—could help retirees manage
their assets. Tontines are investment pools where members commit funds irrevocably and where
the interests of members who die are given to those who survive. Tontines were popular in the
U.S. in the late 19th and early 20th centuries, until they were effectively prohibited in response to
insurance company mismanagement. Tontine-inspired products are receiving renewed attention
around the world as efficient, transparent ways to finance retirement. Unlike fixed income
annuities, tontine pooling does not guarantee future payments, but should pay more on average
per dollar invested, with less costly regulation.

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For Regulators

References to ‘tontine’ on this site describe the longevity-risk sharing mechanism used to adjust trust distributions; distributions are made by the trustee in accordance with the trust terms.

Tontine Trust Europe KB (“Tontine Trustees” or the "Trustee") is a Swedish authorised trust management company. We provide fiduciary trust services, including the establishment and administration of irrevocable trusts and the management of trust assets, in accordance with applicable trust laws.

We establish irrevocable lifetime Tontine trusts for clients worldwide, except where restricted by local law.

Our fintech platform enables individuals to establish an individual Tontine Trust Fund efficiently and securely. The patented platform supports trust administration, asset selection, distribution modelling in accordance with predefined trust terms and applicable fiduciary duties.

Information provided on this website or through our platforms is general information only and does not constitute personal financial, investment, legal, or tax advice. You should seek independent professional advice before making decisions.

The selection of assets held within a Tontine Trust Fund is the responsibility of the member. Tontine Trustees is not responsible for outcomes resulting from a member’s asset preferences, except to the extent required by our fiduciary duties in administering the trust.

Trust assets are subject to market risk, and losses — including loss of principal — are possible.

Any illustrations or examples of lifetime distributions shown on this website or in related materials are indicative only.
Distributions from a Tontine Trust Fund are not fixed or guaranteed and may increase or decrease over time based on factors including asset performance, longevity assumptions, and the survival experience of members within the same tontine class.

Distribution estimates are generated using probabilistic and financial models that are regularly reviewed and adjusted to reflect changing conditions. Estimates are for illustrative purposes only and are not predictions or guarantees.

Redistribution on Death

When a Tontine Trust member dies, any leftover trust balance is redistributed among the surviving members of the same Tontine Class, in accordance with predefined trust rules governing survivorship-based allocation of beneficial interests. As a result, no trust balance remains for inheritance by spouses, children, other beneficiaries, or creditors.

Members who wish to provide separately for family members should consider establishing and funding separate trusts for those individuals.