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King William's Tontine

King William's Tontine

Why the Retirement Annuity of the Future Should Resemble its Past

Moshe A. Milevsky

Cambridge University Press
Publication date : 2015-04-13

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In a time before bonds, treasury notes, or central banks, there were tontines. These were schemes in which a group of investors lent money to a government, corporation, or king, similar to a modern-day loan syndicate. But unlike conventional debt, periodic interest payments were distributed only to survivors. As tontine nominees died, the income of survivors correspondingly increased. Morbid, perhaps, but this was one of the earliest forms of longevity insurance in which the pool shared the risk. Moshe A. Milevsky tells the story of the first tontine issued by the English government in 1693, known as King William's tontine, intended to finance the war against French King Louis XIV. He explains how tontines work, the financial and economic thinking behind them, as well as why they fell into disrepute. Milevsky concludes with a provocative argument that suitably modified tontines should be resurrected for twenty-first-century retirement income planning.

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About the book

Author

Moshe A. Milevsky

Imprint

Cambridge University Press

Collection

n.c

Publication date

2015-04-13

Pages

n.c

Print ISBN

9781107076129

Language

English

Ebook informations

EAN PDF

9781316407585

Price

£29.54

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File size 17343777 Ko

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EAN EPUB

9781316407127

Price

£29.54

Copy count 0

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File size 4536 Ko

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Moshe A. Milevsky

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