Nuova Longevità Research is a global pension and retirement consultancy.

We specialize in longevity risk, pensions (whether defined-benefit or defined-contribution), tontines, and tontine-like designs.


Our research continues to explore and expand the boundaries of fair tontine design and opportunities for tontine solutions in countries throughout the world.

Imagine Our Vision

  • A world without unfunded pension liabilities

  • A world of choice, in which people have the option to inexpensively diversify longevity risk in the same way they inexpensively diversify investment risk

  • A world of assured lifetime income at low cost

  • Fully funded… Fully sustainable… Fully forever

NewS & Events

Time for Tontines?

We are quoted in this article about tontines by Ed McCarthy from

New Prototype Demo

Announcing our new Individual Tontine Accounts demo prototype.

Working Paper

Our paper, "State Sponsored Pensions for Private Sector Workers: The Case for Pooled Annuities and Tontines," is now available as a working paper of the Pension Research Council.

Pan European Personal Pensions

We are excited to be involved in developments within the European Union to bring about cross-border retirement pension reforms.  The EU is leading the way with regulatory frameworks that will allow innovative risk-pooling solutions such as tontine pensions.

Pension Research Council

We presented our working paper titled "State Sponsored Pensions for Private Sector Workers: The Case for Pooled Annuities and Tontines," co-authored with Jonathan Barry Forman, to the Pension Research Council (PRC) of The Wharton School of the University of Pennsylvania on 7 May 2020.  Presentation slides can be found here.  We look forward to the academic review process and eventual publication by the Oxford University Press.

Journal of Accounting and Finance

We are happy to announce that our paper titled Individual Tontine Accounts has been published by the Journal of Accounting and Finance.

Pension Reform in Chile

With funding by the CFA Institute, we spent the week of 3--9 November 2019 in Santiago, Chile to discuss pension reform ideas with government officials. Sincere thanks to Habitat AFP for organizing the discussions.

Pension Reform in Columbia

With funding by the Inter-American Development Bank, we conducted a research study on alternative solutions for pension reform in Colombia, including a review of the world annuity market and a comparative quantitative analysis of tontines versus annuities. The study considered the probability distribution of payouts to retirees and the probability distribution of shortfall with respect to the country's minimum wage level requirement.

CFA Institute Research Foundation

We are pleased to announce the publication of Richard Fullmer's new research brief Tontines: A Practitioner’s Guide to Mortality-Pooled Investments, funded by the CFA Institute Research Foundation.

World Pension Summit

The Hague, Netherlands

Nuova Longevità was in The Hague during the week of 21--25 October 2019 to speak on the subject of innovation in tontine pension design at the World Pension Summit.

International Longevity Risk and Capital Markets Solutions Conference

Washington, DC

Nuova Longevità attended the 15th International Longevity Risk and Capital Markets Solutions Conference on September 12-13, 2019, hosted by the Pensions Institute and Cass Business School, to discuss advances in the study of fair tontine design and the innovative idea of individual tontine brokerage accounts.

World Finance Conference

Santiago, Chile

Nuova Longevità was in Santiago, Chile during the week of 22--26 July 2019 to attend the World Finance Conference, where we presented our research paper, a collaboration with Michael Sabin, on Individual Tontine Accounts.  It was exciting to see such an interest in sound, innovative solutions to the pensions problem coming from pension plans and pension regulators in Chile and other South American countries.

17th International Conference on Pension, Insurance and Saving

Paris-Dauphine University, Paris, France

Nuova Longevità was in Paris to present our research at the International Pension Workshop on 27--28 May 2019.  We also attended the World Pension Forum in Brussels on 23--24 May.

Canada Joins the Tontine Movement!

19 March 2019.  The Canadian government has announced several proposals in its 2019 budget to strengthen retirement security. One allows for advanced life deferred annuities. Another allows for offering "variable payment life annuities" (VPLAs) to members of a PRPP or defined contribution RPP. VPLA payments would vary based on investment performance and the mortality experience of VPLA annuitants. That, folks, is a tontine! Great news for Canadians and for Nuova Longevità, the preeminent tontine design consultancy.

Pension Research Council

Nuova Longevità is proud to have accepted an invitation by the Pension Research Council of The Wharton School of the University of Pennsylvania to participate in their May 2020 research symposium on the subject of "Public/Private Partnerships for Longevity Risk Management."  Papers will be published in the council's refereed book series by the Oxford University Press.


State-Sponsored Pensions for Private Sector Workers:

The Case for Pooled Annuities and Tontines

Richard K. Fullmer and Jonathan Barry Forman

This paper explains how state governments could create new low-cost lifetime assurance funds to help provide retirement income security for millions of private-sector workers who currently lack pension coverage. Basically, an assurance fund operates like a mutual fund held within a defined contribution plan, but with the added features of mortality pooling and fully-funded lifetime payouts. As we envision them, assurance funds would be offered as annuity-like investment options on the new investment platforms being created by states like Oregon, California, and Maryland that offer their citizens the opportunity to participate in state-sponsored retirement savings plans. Adding an assurance fund could effectively turn these retirement savings plans into lifetime pensions. To ensure their sustainability, assurance funds would operate under a strict budget constraint and be organized as either tontines or pooled annuities.

Tontines: A Practitioner’s Guide to Mortality-Pooled Investments

Richard K. Fullmer

Tontines offer a unique value proposition that represents a new, attractive alternative for the global retirement challenge.  The study of fair tontine design is a specialty all its own—one that has emerged only recently.  This publication, funded by the CFA Institute Research Foundation and written primarily for investment practitioners, presents new insights on a modern approach to a centuries-old product.

Tontine Bond Ladders

Richard K. Fullmer and Michael J. Sabin

Tontines are useful vehicles for providing retirement income.  Their payouts, however, will necessarily vary as a function of investment returns and the mortality experience of the membership pool.  Retirees who place a high value on income stability will desire to minimize the variability of these payouts.  This can be accomplished via a large membership pool to minimize the effect of mortality experience volatility and by using immunizing cash-flow matching techniques to minimize the effect of investment volatility.  A structured bond ladder can achieve this quite effectively.

Individual Tontine Accounts

Richard K. Fullmer and Michael J. Sabin

An individual tontine account (ITA) is similar to a conventional investment brokerage account, but with the added feature of mortality pooling through participation in an open-ended fair tontine.  In showing them to be fair to all participants, we envision ITAs as complementary to individual retirement accounts (IRAs), allowing retirees to derive extra income from savings without taking additional investment risk and to obtain lifetime income at a lower cost than with insurance products.  ITAs represent an efficient new solution in addressing retirement needs and may help address the “annuity puzzle” by providing a more transparent, lower-cost alternative to insurance-based products.

Contact Us

Nuova Longevità Research

Richard Fullmer, Founder


tel: +1 202 579 6337

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