Titlebook: How to Build a Modern Tontine; Algorithms, Scripts Moshe Arye Milevsky Book‘‘‘‘‘‘‘‘ 2022 The Editor(s) (if applicable) and The Author(s) 2

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Financial and Actuarial Background,astic investment returns, the Gompertz law of mortality and the valuation of temporary life annuities which are very close cousins to .. To be clear, this chapter is a review of background and notation. It’s definitely not the place to visit to learn anything new.

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How to Build a Modern Tontine978-3-031-00928-0Series ISSN 2662-2467 Series E-ISSN 2662-2475

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Why Tontines? Why Now?,In this chapter I provide some background on the reasons (I think) a traditional fund company might want to introduce a modern tontine as it relates to the unique challenges that people face managing their financial affairs towards the end of the human lifecycle.

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Building a Tontine Simulation in R,In this chapter I explain the core of the (basic, version 1.0) modern tontine simulation algorithm and provide R-scripts that can be used to generate forecasted values for what I have called the Modern Tontine (MoTo) Fund.

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Death Benefits, Refunds and Covenants,This chapter implements a design feature in which investors in the modern tontine are assured they will be . if they happen to die prior to receiving their original investment back in periodic payments. This is the symmetric equivalent of a cash-refund income annuity, which incidentally is the most popular rider in the US market.

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