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Increases in the life expectancy, the low interest rate environment and the tightening solvency regulation have caused insurers and policyholders to search for new, attractive retirement products. In this context, tontines and pooled annuities have gained vast attention in recent years. Compared to annuities, where insurers bear all the longevity risk, the policyholders bear most of the longevity risk in a tontine. In the present project, we come up with an innovative retirement product which contains the annuity and the tontine as special cases: a tontine with a minimum guaranteed payment. The payoff of this product consists of a guaranteed payoff and a call option written on a tontine. We find that our retirement product is able to achieve a better risk sharing between policyholders and insurers than conventional annuities and tontines. Our numerical and theoretical results show that our new product contains less longevity risk than annuities for the insurers, while the policyholders are still provided stable payments during the retirement phase. In addition, by varying the guaranteed payments, the insurer is able to provide a variety of products to policyholders with different degrees of risk aversion.