Before revision:  almost half of the retirees who choose annuities do not value bequests , (3) information processing costs are larger for low savers and for those who receive advise from sales-agent, and (4) firms are more likely to have lower annuitization costs for the top 40\% savers . Counterfactuals suggest that information asymmetry hurts these 40\% savers the most, and replacing the current mechanism with standard English auctions and "shutting-down" risk ratings increase pensions for everyone. But the increase is negligible for most, except for these top 40\% savers, with little effect on welfare .
After revision:  almost half of the retirees who choose annuities do not value bequests , (3) information processing costs are larger for low savers and for those who receive advise from sales-agent, and (4) firms are more likely to have lower annuitization costs for the top 40\% savers . Counterfactuals suggest that using simpler English auctions increases pensions but mainly for those in the top four savings deciles .