Before revision:  The estimates also suggest that almost half the retirees who choose an annuity do not value bequest, and firms are more likely to have low annuitization cost for retirees in the top two savings deciles. Counterfactuals show that under the current mechanism, private information about costs harms only these high savers . Implementing English auctionsand prohibiting the use of risk-ratings lead to higher pensions , but only for these high savers .
After revision:  The estimates also suggest that almost half the retirees who choose an annuity do not value bequest, and firms are more likely to have and prohibiting the use of risk-ratings lead to higher pensions , but only for these high savers .