The incentives involved are completely different. Pensioners don't directly benefit from the deaths of other pensioners, as their individual payments are unrelated to how many pensioners are out there. They aren't drawing from some collective pool of money that has been invested in some interest paying account, but are rather either drawing from their individual savings or are living off money raised through taxes in the case of state pensions. In both cases their own pension payments are independent of payments to others.
[Which IMO makes tontines sound even more sucky, because it encourages free-riding when it comes to how much people put in.]
[Which IMO makes tontines sound even more sucky, because it encourages free-riding when it comes to how much people put in.]