Short videos

What is a…pooled annuity fund?

Industry articles
Pooling pensioners’ resources. By C. Donnelly. The Actuary, August 2018.

“Pooling longevity for a better retirement income: how many people are needed?” Given to the Yorkshire Actuarial Society and University of York (2021).

Academic papers
Quantifying the trade-off between income stability and the number of members in a pooled annuity fund. (Preprint here.)
By T. Bernhardt and C. Donnelly. Accepted by ASTIN Bulletin (2020).

Modern tontine with bequest: Innovation in pooled annuity funds. (Preprint here.)
By T. Bernhardt and C. Donnelly. Insurance: Mathematics and Economics (2019), 86, pp168-188. R code here

Product options for enhanced retirement income.
By C. Donnelly and J. Young. British Actuarial Journal (2017), 22(3), pp636-656.

Actuarial fairness and solidarity in pooled annuity funds. (Preprint here.)
By C. Donnelly. ASTIN Bulletin (2015), 45(1), pp49-74.

Bringing cost transparency to the life annuity market. (Preprint here.)
By C. Donnelly, M. Guillén and J.P. Nielsen. Insurance: Mathematics and Economics (2014), 56, pp14-27.


Deciding how to invest your pension savings in retirement and how much to withdraw as an income each year is a problem faced by increasing numbers of people. Balancing the need to withdraw a reasonable income to live on while avoiding running out of money is a hard problem, particularly if you rely only on investment returns.

Approaches to this problem are examined in the State-of-the-Art Report below. Longevity protection strategies are also included.

Technical report
1. Pension decumulation strategies: a State-of-the-Art Report
By T. Bernhardt and C. Donnelly.

Here, the focus is on how to distribute investment returns among a (possibly changing) group over time. The motivation for investment risk-sharing may be to give greater certainty about each group member’s returns, and/or to reduce investment risk.
Both theoretical and applied approaches to investment risk-sharing are explored in the State-of-the-Art Report below.

Technical report
2. Investment risk-sharing: a State-of-the-Art Report
By R. Chehab and C. Donnelly.