Submitted by Anonymous on
Related to the other review on this product, the Pension Reserve Fund is intended to provide a straightforward way in which the VA owner can create guaranteed lifetime income that is similar to what they would receive from a defined contribution pension plan.
The Pension Reserve Fund is designed to provide the lifetime income stream while preserving some level of flexibility for the variable annuity owner.
True VA owners can choose how much lifetime income they want and when they want those payments to begin.
The interesting wrinkle or innovation is that the VA owner chooses the calendar year during which they want the payments to begin.
Units are purchased (in straightforward $1 increments) to reflect the amount of future lifetime income desired.
Prior to the income start date, True VA owners can decide whether they want to keep the lifetime income option in place or whether they prefer to take that value and invest elsewhere. The can also consider alternative payout options in light of current conditions.
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