Before revision:  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:  Counterfactuals show that under the current mechanism, private information about costs harms only these high savers . Implementing English auctionsand 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 .