Nuova Longevità Research is a pension and retirement consultancy.

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


Our latest research explores and expands the boundaries of fair tontine design in introducing the concept of individual tontine accounts.

We've been busy!  Read on...

NewS & Events

Pension Research Council

Our working paper titled "State Sponsored Pensions for Private Sector Workers: The Case for Pooled Annuities and Tontines," co-authored with Jonathan Barry Forman, for the Pension Research Council (PRC) of The Wharton School of the University of Pennsylvania is now an official draft.  We look forward to the academic review process, presenting at the PRC's spring symposium, and eventual publication by the Oxford University Press. Contact Nuova Longevità for details.

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 November 3-9 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 October 21-25, 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 July 22-26, 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 May 27-28, 2019.  We also attended the World Pension Forum in Brussels on May 23-24.

Canada Joins the Tontine Movement!

March 19, 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.


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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