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Nuova Longevità Research is a global pension and retirement consultancy.

We specialize in longevity risk sharing, pensions (whether defined-benefit or defined-contribution), modern tontines, and similar solutions that incorporate longevity risk sharing.


Our research continues to explore and expand the boundaries of fair longevity risk sharing design and the merits of, and opportunities for longevity risk sharing solutions in countries throughout the world.

Our Vision

  • A world without unfunded pension liabilities

  • A world 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


Our research is unbiased and lies at the intersection of academic and practitioner


We are a global consultancy to institutional investors and governments


We are a pioneer of highly flexible actuarially-fair longevity risk sharing


We understand that ideas are great...

but of little value if they cannot be implemented efficiently.

Meet Nuovalo

Nuovalo Longevity Income Solutions is a fintech/insuretech/pensiontech startup whose mission is to to foster and enable fully sustainable, efficient, fully-funded retirement pension solutions for millions of people around the world through actuarially fair modern longevity-risk sharing arrangements.


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NewS & Events

A sustainable, variable lifetime retirement income solution for the Chilean pension system

Our paper, co-written in collaboration with researchers from the office of the Chilean Superintendent of Pensions, proposing a longevity risk sharing solution for pension reform in Chile has now been published in The Geneva Papers on Risk and Insurance. Journal subscribers can find the paper here. Non-subscribers may find a view-only version of the paper here.

Pension Research Council

We were delighted to join fellow researchers at the Pension Research Council (PRC) of The Wharton School of the University of Pennsylvania on 2-3 May 2024.

Response to the Australian Government Department of the Treasury

Nuova Longevità proudly supported it's sister company Nuovalo in response to an Australian government consulting paper titled Retirement Phase of Superannuation, in which the Treasury asked for feedback from the public on ways to achieve its policy goals, namely:

  • to maximize retirement income,

  • to manage risks to the sustainability and stability of that income, and

  • to maintain flexible access to capital.

Our submission discussed the merits of shared longevity risk pooling as a highly efficient way to achieve these important goals. It also outlined different ways that such pools could be implemented, including an innovative idea for maximizing efficiency while also eliminating portability problems by creating a nationwide longevity risk pool that could be shared across all superannuation providers.

Sage Advisory Conference

Richard Fullmer presented on the topic Innovations in Retirement Decumulation: Pooled Longevity Risk Sharing at the Sage investor conference in Austin, Texas on 1--2 March 2023.

Proposals for Improving Pension Systems in Latin America

Nuova Longevità and Nuovalo contributed to the forthcoming book edited by David Tuesta and Parul Seth Khanna from pinBox Solutions that compiles a comprehensive collection of pension reform proposals in Latin America. The book will be presented in Washington DC during Pensions Week (June 20–22, 2023) hosted by the Inter-American Development Bank.

Fondos Mutuos Previsionales para Uruguay (Pension Mutual Funds for Uruguay)

The research team from Nuova Longevità and Nuovalo completed a detailed report for the nation of Uruguay that examines pension reform and the use of longevity risk sharing in the Uruguayan defined contribution retirement pension system. With cooperation and funding from the Inter-American Development Bank, we worked with the Banco Central del Uruguay (central bank), Ministerio de Economía y Finanzas (ministry of economics and finance), Oficina de Planeamiento y Presupuesto, (office of planning and budgets), Banco de Previsión Social (the social security administration), Banco de Seguros del Estado (the national insurance company), Unidad de Gestión de Deuda Pública (the national debt management unit), and National Association of Pension Fund Managers.

Benefit at Risk for Lifetime Pension Pools

Society of Actuaries Research Institute and Canadian Institute of Actuaries

Nuova Longevità's Richard Fullmer contributed as a reviewer of this research report from Jean-François Bégin and Barbara Sanders that examines the variability of payouts from longevity risk sharing pools.

A Sustainable, Variable Lifetime Retirement Income Solution for the Chilean Pension System

Our working paper, co-authored with Olga Fuentes of the Chilean Superintendencia de Pensiones and Manuel Garcia-Huitron of Nuovalo, proposing tontine-like longevity risk pooling for pension reform in Chile is now available here on SSRN.


We collaborated with John A. Turner of the Pension Policy Center on this paper published in the Journal of Retirement.

OECD Adopts Legal Instrument Support of Nonguaranteed Longevity Risk Sharing

On 23 February, 2022, the Organisation for Economic Co-operation and Development (OECD) adopted Legal Instrument 0467 that updated its Roadmap for the Good Design of DC Pension Plans. Moreover, it elevated the Roadmap to the status of an official OECD Recommendation to increase its status, visibility, and global reach. The report recommends that plans “ensure protection against longevity risk in retirement. DC pension plans should provide some level of lifetime income as a default for the pay-out phase, unless other pension arrangements already provide for sufficient lifetime pension payments. Lifetime income can be provided by annuities with guaranteed payments or by non-guaranteed arrangements where longevity risk is pooled among participants.”

New Models for Managing Longevity Risk: Public-Private Partnerships

We are excited to have contributed to this volume published by Oxford University Press in which experts around the world explore how the private and public sectors can work together in public-private partnerships (PPPs) to develop new mechanisms to reduce the risk of older people losing their assets in old age.

18th International Conference on Pension Insurance and Savings

Rabat, Morocco

Richard Fullmer presented our research at this conference from 9 -- 10 June 2022. The conference was organized in partnership with Paris School of Economics (PSE), Euro-Mediterranean Economists Association (EMEA), Nova University, and Singapore Management University, with assistance from approximately 100 OECD delegates from countries all over the world.

Tontines and Collective Annuities: Lessons from an International Survey

This paper is now published in the New York University Review of Employee Benefits and Executive Compensation - 2021 § 4, available here.

3rd International Seminar on Supplementary Pensions

Brasilia, Brazil

We were pleased for the opportunity to speak on the topic of tontine pensions at the international seminar hosted by Brazil's Ministry of Labor and Social Security with the support of the National School of Public Administration. The seminar was 30 Nov -- 2 Dec 2021.

Georgetown University Center for Retirement Initiatives

2021 Annual Policy Innovation Forum

Washington, DC, USA

We presented on a panel at the 2021 CRI Policy Innovation Forum on 3 Nov 2021 on the topic Collective Defined Contribution and Tontines: What Costs and Risks Do They Address that Traditional Annuities Cannot?

Tontines and Collective Annuities: Lessons from an International Survey

This paper, written in collaboration with John A. Turner of the Pension Policy Center and the late Jonathan Barry Forman of the University of Oklahoma College of Law, is now published in the New York University Review of Employee Benefits and Executive Compensation. The paper reviews the current state of the market for longevity risk sharing solutions.

Announcing another tool: our new closed-form Tontine Statistical Model

We've added a second prototype to our Individual Tontine Accounts demo page.  This one computes the statistical properties of a tontine with given characteristics that are entered by the user (open-end or closed-end, multi-cohort or single cohort, number of members, distribution of account balances, etc.) and then allows the user to project payouts, with confidence intervals... and all without Monte Carlo simulation!  So it's both explanatory and fast.

Pension Reform in Uruguay

We are pleased to be working with the Comisión de Expertos en Seguridad Social del Uruguay to discuss and analyze ideas for pension reform in the country.

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.

Sea Turtle


A Sustainable, Variable Lifetime Retirement Income Solution for the Chilean Pension System

Olga Fuentes, Richard Fullmer, and Manuel Garcia-Huitron

This paper proposes tontine-like longevity risk pooling for pension reform in Chile and was written in collaboration with the Chilean Superintendencia de Pensiones and Nuovalo.

Tontines and Collective Annuities: Lessons from an International Survey

John A. Turner, Richard K. Fullmer, and Jonathan Barry Forman

This paper reviews pension plans in different countries that have tontine-type risk-sharing arrangements in either the accumulation or decumulation phases.

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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