Dean McClelland - Tontine Trust
Dean is a former investment banker turned Fintech Entrepreneur.
Since 2017 he has been focused exclusively on designing what a nobel prize winning economist described as "a pension system for the world that can never go bankrupt".
His 'RetireTech' firm Tontine Trust is now commercialising the pension design which perfectly fits within the new EU PEPP Regulations.
The MyTontine platform is attracting increasing attention from behavioural scientists around the world due to its potential to break the mould on how to go about growing pension participation rates.
Dean was recently on RealVision TV in New York which interview can be seen here: https://www.realvision.com/shows/the-interview/videos/bringing-tontines-back-from-the-dead
Dean can be contacted via https://tontine.com or over Linkedin: https://www.linkedin.com/in/deanmcclelland/
2 comments By Dean McClelland - Tontine Trust
"Decent income tax deductibility for contributions and a level playing field with domestic vehicles would help make the PEPP attractive. But the Commission cannot compel member states to institute these measures and can only rely on its powers of persuasion to counter potential discrimination against PEPP products."
Actually, EU PEPP Savers are entitled to equal tax treatment to an objectively comparable domestic personal pension product stemming from Articles 21, 45, 49, 56 and 63 of the Treaty on the Functioning of the European Union and interpreted by the Court of Justice of the European Union.Great article.
The beauty of the PEPP Regulation both for consumers & issuers is that once the product is approved in it’s home country & properly registered with EIOPA, it can be offered on a cross-border basis throughout the EU.
Thereafter, the Tontine PEPP's lifetime income is not fixed per se, rather it adjusts depending on performance & mortality such that payments can be expected to rise faster than inflation.
Our system is patent-pending for a design that ensures that the income is always fully funded in order to continue making payments up to a potential age of 120. If we increased the payments in the early days, as some academics suggest, we could see unacceptable reductions in the monthly payments in later years even before taking into account the loss of purchasing power that the next 40 years of inflation will cause.
That's not how we think about the perfect retirement. We want to reward you for living longer with an even more prosperous life in old age.
As we know, women have a drastically higher chance of living to be over 100. that's why we keep them in a separate pool from men because even though they receive the equivalent amounts, for the reasons above, it is paid to them over a longer time period.
Thank you again Tjibbe for your excellent coverage of this important topic.
Commented on: 24 February 2022
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