This is fascinating. I started a longer comment but it got ranty and I got sidetracked, maybe I'll clean it up later. From what I understand A) most inverters/retirees misunderstand what a annuity is B) a tontine folks the same niche as an annuity C) a tontine will be worse than an annuity for everyone except the few long-living, but it will be worse than annuity for them to until the others die off D) a tontine is more exciting though, since people don't really think about their own mortality, and they would rather cheer for others to die. And E) it seems the benefit over an annuity seems to be the fee structure more than the results for investors.
Barney Miller plot as well.
Man, what happened to that show. It's shit now, the first few seasons until Vice were fantastic