77 pages. "A tontine is a financial product that combines the features of an annuity and a lottery. In a simple tontine, a group of investors pool their money together to buy a portfolio of investments and, as investors die, their shares are forfeited, with the entire fund going to the last surviving investor.... [V]ariations on the tontine principle ... could be used to create 'tontine pensions' through which large employers could provide retirement income for their employees. These tontine pensions would have several major advantages over most of today's pensions, annuities, and other retirement income products."  MORE >>