Before revision:   Typical scenarios are explored using UK Office of National Statistics life tables , showing the behaviour of these characteristics under varying degrees of constant relative risk aversion .
After revision:  I show that under certain circumstances, such as a very high bequest motive, a life-cycle utility maximisation strategy will necessitate negative mortality credits analogous to a member paying life insurance premiums. Typical scenarios are explored using UK Office of National Statistics life tables , showing the behaviour of these characteristics under varying degrees of constant relative risk aversion .