METHODS OF ISSUING, DISTRIBUTING, MANAGING AND REDEEMING INVESTMENT INSTRUMENTS PROVIDING SECURITIZED ANNUITY OPTIONS

摘要

A method of issuing and managing investment instruments called "Pension Shares" which preferably take the form of securities that represents a claim against and are secured by an investment fund. A Pension Share entitles its holder to receive at a specified date (15) either a lump sum payment amount (19) or at the option of the holder (17) to receive a sequence of annuity payments (21). The Pension Share issuer creates and manages the investment fund such that its net asset value at the maturity date will be adequate to make the lump sum payment or provide the holder with the annuity. A Pension Share may be redeemed on demand in advance of the maturity date so that it may be exchanged for a Pension Share having a different maturity date if the holder's plans change.