Thomas Bernhardt (Heriott-Watt)

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Thomas Bernhardt

Actuarial Studies

A seminar by Thomas Bernhardt from Heriott-Watt University

Title: Aspects of Tontine Pensions

Abstract: Combining the best of drawdown and annuity, the investment returns and the longevity credits, tontines offer a great alternative to current pension products. Promoting tontines, we address two issues that are commonly raised in discussions with industry. First, we introduce a mechanism that allows for a bequest motive. We show that the percentage in the tontine is around $80\%$ for a wide range of risk aversion and different bequest motives. Second, we answer the question of how many members are needed in a tontine to ensure a stable income for life. Using tools from statistics, we give a precise answer that is independent of the underlying mortality distribution. 

Start date:

11am Thursday, 13 Jun 2019

End date:

12pm Thursday, 13 Jun 2019

Venue:

CBE LT2

Presenter(s):

Thomas Bernhardt

Updated:   13 June 2019 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team