Before revision:  We find that retirees with low savings value firms ' risk ratings more than others, and approximately 40\% do not value bequests. Counterfactuals suggest that using simpler English auctions increases pensionsbut mainly for those in the top four savings deciles .
After revision:  We find substantial costs and preference heterogeneity and that having many firms is crucial for good market outcomes. Counterfactuals show that simplifying the current mechanism with English auctions and "shutting down" risk ratings increase pensions, but only for high-savers .