Announcement: Access the latest SOA updates on COVID-19 at

Due to unusually high email volume in Customer Service, you may experience a longer response time than usual. We apologize for any inconvenience this may cause.

Annuities Versus Tontines in the 21st Century

March 2018

The Society of Actuaries’ Retirement Section is pleased to make available a research report investigating the mechanics and practicalities of introducing retirement investment income tontines (RITs) in today’s market place. The report was authored by Moshe A. Milevsky, Thomas S. Salisbury, Gabriela Gonzalez, and Hanna Jankowski.


Annuities Versus Tontines in the 21st Century

Annuities Versus Tontines in the 21st Century - Fast Facts

Thank You

The SOA’s Retirement Section would like to thank the following individuals for serving on the Project Oversight Group:

Gavin Benjamin
Bruno Caron
John Deinum
Evan Inglis
Stefan Ramonat
Steven Siegel, SOA Research Actuary
Andrew Peterson, SOA Staff Fellow
Lisa Schilling, SOA Retirement Research Actuary
Barbara Scott, SOA Sr. Research Administrator

Questions Or Comments

If you have questions or comments, please send an email to