The Pension Grinch comes in from the cold.

This is a breakthrough tweet as it marks the conversion of arch-grinch, John Ralfe to collective DC pensions.

That the bearded wonder has so little emotional intelligence to write this silly tweet does nothing to  diminish my pleasure, he is a serial-churl who’s trollistic solipsism is expected.

But to the article by the collective bloggers at Nuova Longevita …they  are confused.

They needn’t be. My blog makes it clear that I want to see modern tontines adopted into CDC as a very good way to manage longevity – but I want nothing to do with the word “tontine” which is sullied beyond redemption.

Without repeating the blog, tontines resonate for the UK public with avarice at best and murder at worst. Simply sticking the word “modern” before “tontines” does not sanitise the word.

I am sorry that my supporting what Nuova Longevita (let’s call it NL) is doing and hating what it is saying is confusing, but life and tontines are like that! To repeat what my blog says, directly before plugging NL’s blog

But if there is one concept we could do with right now – it’s what is described in this video as the Modern Tontine

Which is just as well. As I’m looking forward to hearing Richard Fullmer ,NL’s CEO. speaking at an event in February organised by Stefan Lundbergh, as part of NOW’ “pioneering pensions” series.

Stefan put me on to Richard’s 2019 paper on risk pooling which you can find here

Stefan”s invite includes this invitation

His business is working on a way to add individual longevity pooling as a wrapper around an existing asset portfolios (in an actuarially correct way). That would make it easy for a Master Trust (or anyone else) to offer a DC+ version of CDC.

Stefan knows what turns Mr Tapper on!  

And reading through NL’s blog, I discover that they’re re-branding away from “modern tontines”.

We recently decided to significantly reduce the use of the t-word in our branding. We had originally thought that the qualified term “modern tontine” would adequately differentiate the modern form from the antiquated forms of yestercentury. And while we believe that this fight is still worth fighting, the issue remained that the word “tontine” does not describe what we offer.

So it looks like me , John Ralfe and the folk at Nuovalo are all on the same page.

About henry tapper

Founder of the Pension PlayPen,, partner of Stella, father of Olly . I am the Pension Plowman
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