This paper studies the incorporation of an explicit fee in modern tontine schemes and investigates how it affects the attractiveness of these products from the point of view of both the insurer and tontine participants. We consider a single initial fee and a variable fee, where the latter can be designed to meet different liquidity needs and risk aversions. We find that the “indifference fee”, the fee for the tontine at which the participants are indifferent to choosing between the tontine or an annuity, comes extremely close to that of the annuity. This presents insurers with a large spectrum of fees on which to base their charge for managing the tontine. Tontine providers and participants can agree on a fee level which makes tontines an attractive alternative to annuities for tontine participants and at the same time, allows insurers to retain a large part of the fee as a profit, given the low risk contained in a tontine.

本文研究了在现代tontine计划中纳入显式费用的方法，并从保险人和tontine参与者的角度研究了它如何影响这些产品的吸引力。我们考虑单一的初始费用和可变费用，后者可以设计为满足不同的流动性需求和风险规避。我们发现，“差别费”是参与者不愿意在年金或年金之间做出选择的年月金的费用，与年金非常接近。这给保险公司带来了大范围的费用，这些费用是他们管理tontine的费用基础。Tontine提供者和参与者可以在费用水平上达成共识，这使tontines对于tontine参与者而言是一种有吸引力的年金替代方案，同时，