Trust. In 2018, Richard K. Fullmer and Michael J. Sabin expanded on the ideas presented in Forman and Sabin (2015) by showing that participants in an actuarially fair tontine need not be confined to a common investment portfolio or to a common payout method. Their paper introduced the concept of individual tontine accounts (ITAs), which they envisioned as complementary to individual retirement account (IRAs). In 2019, the CFA Institute Research Foundation published a research brief titled Tontines: A Practitioner's Guide to Mortality-Pooled Investments noting that "the study of fair tontine design is a specialty all its own—one that has emerged only recently." Fullmer and Sabin showed that it is possible to engineer payouts within a tontine structure that are immune to interest rate and reinvestment risk. Several new pension architectures have been designed or deployed which partially or fully utilise the tontine risk-sharing structure including: Collective Defined Contribution (CDC) pensions which will soon be offered in the UK, Pan-European Pensions which can be offered in 27 EU member countries plus Switzerland, Canada, Norway Iceland & Liechtenstein, Pooled Annuity Funds Group Self-Annuitization Schemes. Variant uses of the term In French-speaking cultures, particularly in developing countries, the meaning of the term "tontine" has broadened to encompass a wider range of semi-formal group savings and microcredit schemes. The crucial difference between these and tontines in the traditional sense is that benefits do not depend on the deaths of other members. As a type of rotating savings and credit association (ROSCA), tontines are well established as a savings instrument in central Africa, and in this case function as savings clubs in which each member makes regular payments and is lent the kitty in turn. They are wound up after each cycle of loans. In West Africa, "tontines" – often consisting of mainly women – are an example of economic, social and cultural solidarity. Informal group savings and loan associations are also traditional in many east Asian societies, and under the name of tontines are found in Cambodia, and among emigrant Cambodian communities. In Singapore, the Chit Funds Act of 1971 defines the application of legislation to the operation of chit funds, which were also known colloquially as tontines (although more properly a variant type of ROSCA). In Malaysia, chit funds are primarily known as "kootu funds", which again are ROSCAs and which are defined under the Kootu Funds (Prohibition) Act 1971 as "...a scheme