FEES AND EXPENSES | Location in Prospectus | |||
Charges for Early Withdrawals | The surrender charges applicable to your Contract depend on the version of the Contract that you own. The surrender charge is imposed on the gross withdrawal amount. • GVA I contract. If you withdraw money during the first 16 Participation Years, you may be assessed a surrender charge of up to 5% of the amount withdrawn, declining to 0% over that time period.• GVA II contract. If you withdraw money during the first 16 Participation Years, you may be assessed a surrender charge of up to 6% of Purchase Payments withdrawn, declining to 0% over that time period.• GVA III contract. There is no surrender charge for this Contract. | • Fee Tables• Examples• Charges and Other Deductions – Surrender Charge | ||
Transaction Charges | If you participate in a tax deferred retirement plan that allows Participant loans, you may be eligible to take a loan against your Contract Value. Depending on your state of residence, a one-time fee of up to $50 may be charged to set up and process a loan. A one-time fee of up to $30 will be charged to set up the Systematic Withdrawal Option. | • Fee Tables• Charges and Other Deductions | ||
Ongoing Fees and Expenses (annual charges) | Minimum and Maximum Annual Fee Table. The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected. | • Fee Tables• Examples• Charges and Other Deductions | ||
Annual Fee | Minimum | Maximum | ||
Base Contract (varies by Contract) | 1.00%1 | |||
Investment options (fund fees and expenses) | 0.23%2 | 3.27%2 | ||
1 As a percentage of average daily net assets in the Subaccounts. Certain contracts or plans may be eligible for a breakpoint charge of 0.75% | ||||
2 As a percentage of fund net assets. | ||||
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year. This estimate assumes that you do not take withdrawals from the Contract, which could add surrender charges that substantially increase costs. | ||||
Lowest Annual Cost: $1,500 | Highest Annual Cost: $4,776 | |||
Assumes: | Assumes: | |||
• Investment of $100,000• 5% annual appreciation• Least expensive fund fees and expenses• No surrender charges• No additional Purchase Payments, transfers, or withdrawals | • Investment of $100,000• 5% annual appreciation• Most expensive fund fees and expenses• No surrender charges• No additional Purchase Payments, transfers, or withdrawals | |||
RISKS | Location in Prospectus | |||
Risk of Loss | • You can lose money by investing in this Contract, including loss of principal. | • Principal Risks• Investments of the Variable Annuity Account |
RISKS | Location in Prospectus | |||
Not a Short-Term Investment | • This Contract is not designed for short-term investing and may not be appropriate for an
investor who needs ready access to cash.• Surrender charges may apply to withdrawals. If you take a withdrawal, any surrender charges will reduce the value of your Contract or the amount of money that you actually
receive.• The benefits of tax deferral and long-term income also mean the Contract is more beneficial to investors with a long-term investment horizon. | • Principal Risks• Withdrawals• Fee Tables | ||
Risks Associated with Investment Options | • An investment in this Contract is subject to the risk of poor investment performance of the investment options you choose. Performance can vary depending on the performance of the investment options available under the Contract. • Each investment option (including the fixed account option) has its own unique risks.• You should review the investment options before making an investment decision. | • Principal Risks• Investments in the Variable Annuity | ||
Insurance Company Risks | • An investment in the Contract is subject to the risks related to us. Any obligations (including under the fixed account option), guarantees, or benefits of the Contract are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. More information about Lincoln Life, including our financial strength ratings, is available upon request by calling 1-800-341-0441 or visiting www.LincolnFinancial.com. | • Principal Risks | ||
RESTRICTIONS | Location in Prospectus | |||
Investments | • The frequency of transfers between investment options is restricted. There are also restrictions on the minimum amount that may be transferred from a variable option and the maximum amount that may be transferred from the fixed account option.• Currently, there is no charge for transfers. • We reserve the right to remove or substitute the funds that are available as investment options under the Contract. | • Principal Risks• Investments of the Variable Annuity Account• Transfers On and Before the Annuity Commencement Date | ||
TAXES | Location in Prospectus | |||
Tax Implications | • Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.• If you purchase the Contract through a tax-qualified plan or IRA, you do not get any additional tax deferral under the Contract.• Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may have to pay a penalty if you take a withdrawal before age 59½. | • Federal Tax Matters | ||
CONFLICTS OF INTEREST | Location in Prospectus | |||
Investment Professional Compensation | • Your registered representative may receive compensation for selling this Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. We may share the revenue we earn on this Contract with your investment professional’s firm. • This potential conflict of interest may influence your registered representative to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. | • Distribution of the Contracts• Principal Risks | ||
Exchanges | • If you already own a contract, some investment professionals may have a financial incentive to offer you a new Contract in place of the one you own. You should only exchange a contract you already own if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new Contract rather than continue to own your existing contract. | • Replacement of Existing Insurance |
• | The variable options available under the Contract, each of which has an underlying mutual fund with its own investment objective, strategies, and risks; investment adviser(s); expense ratio; and performance history; and |
• | A fixed account option, which guarantees principal and a minimum interest rate. |
• | Dollar-Cost Averaging. Allows you to automatically transfer money between certain investment options on a monthly basis. |
• | Portfolio Rebalancing. Allows you to automatically reallocate your money among investment options on a periodic basis based on your instructions. |
• | Systematic Transfer Service. Allows you to fully liquidate your fixed account balance an transfer the amount into a Subaccount over a period of time. |
• | Account Sweep Service. Allows you to keep a designated amount in one Subaccount or the fixed account, and automatically transfer the excess to other Subaccounts. (This service is not available to new Participants.) |
• | Loans. If you participate in a retirement plan that allows participant loans and the additional loan set-up fee under the Contract is permitted by law, you may be able to take a loan against your Contract. |
GVA I | GVA II | GVA III | ||
5%* | 6%* | None |
* | The surrender charge percentage is reduced over time. The later the redemption occurs, the lower the surrender charge with respect to that surrender or withdrawal. We may reduce or waive this charge in certain situations. See Charges and Other Deductions – Surrender Charges. |
Administrative Expense (Annual Account Fee):1 | $25 |
Base Contract Expenses (as a percentage of average Account Value in the Subaccounts) | |
“Standard” Charge | 1.00% |
“Breakpoint” Charge2 | 0.75% |
1 | The annual fee, per Participant, may be paid by an employer per Participants. It is not charged during the annuity period. We may reduce or waive these charges in certain situations. See Charges and Other Deductions. |
2 | Only certain contract or plans are eligible for a breakpoint charge. See Charges and Other Deductions. |
Annual Fund Expenses | Minimum | Maximum | ||
Expenses that are deducted from the fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses before reimbursements. | 0.23% | 3.27% | ||
Expenses that are deducted from the fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses after any waivers or expense reimbursements.1 | 0.23% | 1.14% |
1 | Any expense waivers or reimbursements will remain in effect until at least April 30, 2023, and can only be terminated early with approval by the fund’s board of directors. |
1 year | 3 years | 5 years | 10 years | ||||
GVA I Standard* | $9,350 | $18,142 | $27,057 | $45,608 | |||
GVA II Standard* | $10,357 | $19,163 | $28,092 | $47,752 | |||
GVA III Standard* | $4,295 | $12,979 | $21,789 | $44,373 |
1 year | 3 years | 5 years | 10 years | ||||
GVA I Standard* | $4,315 | $13,036 | $21,879 | $44,535 | |||
GVA II Standard* | $4,315 | $13,036 | $21,879 | $44,535 | |||
GVA III Standard* | $4,295 | $12,979 | $21,789 | $44,373 |
* | Examples shown may be less for plans qualifying for “breakpoint” mortality and expense risk charge. |
• | remove, combine, or add Subaccounts and make the new Subaccounts available to you at our discretion; |
• | transfer assets supporting the contracts from one Subaccount to another or from the VAA to another separate account; |
• | combine the VAA with other separate accounts and/or create new separate accounts; |
• | deregister the VAA under the 1940 Act; and |
• | operate the VAA as a management investment company under the 1940 Act or as any other form permitted by law. |
• | processing applications for and issuing the contracts; |
• | processing purchases and redemptions of fund shares as required (including dollar cost averaging, systematic transfer, account sweep and portfolio rebalancing services); |
• | maintaining records; |
• | administering Annuity Payouts; |
• | furnishing accounting and valuation services (including the calculation and monitoring of daily Subaccount values); |
• | reconciling and depositing cash receipts; |
• | providing contract confirmations; |
• | providing toll-free inquiry services and |
• | furnishing telephone and electronic fund transfer services. |
• | the risk that Annuitants receiving Annuity Payouts under contracts live longer than we assumed when we calculated our guaranteed rates (these rates are incorporated in the Contract and cannot be changed); |
• | the risk that Death Benefits paid will exceed the actual Contract Value; |
• | the risk that more owners than expected will qualify for waivers of the surrender charge; |
• | the risk that our costs in providing the services will exceed our revenues from contract charges (which we cannot change). |
During Participation Year | GVA I | GVA II | ||
1-5 | 5% | 6% | ||
6 | 5% | 3% | ||
7 | 4% | 3% | ||
8 | 3% | 3% | ||
9 | 2% | 3% | ||
10 | 1% | 3% | ||
11-15 | 0% | 1% | ||
16 and later | 0% | 0% |
* | There is no surrender charge taken on withdrawals from GVA III. |
Year Request Received by Lincoln Life | Percentage of Fixed Account Available Under GVA III | |
1 | 20% | |
2 | 25% | |
3 | 33.33% | |
4 | 50% | |
5 | 100% |
Standard conditions | Optional conditions | ||
GVA I | the Participant has attained age 59½ | the Participant has separated from service with their employer and is at least 55 years of age | |
the Participant has died | the Participant is experiencing financial hardship | ||
the Participant has incurred a disability (as defined under the Contract) | |||
the Participant has separated from service with their employer | |||
GVA II | the Participant has attained age 59½ | the Participant has separated from service with their employer | |
the Participant has died | the Participant is experiencing financial hardship | ||
the Participant has incurred a disability (as defined under the Contract) | |||
the Participant has separated from service with their employer and is at least 55 years of age | |||
GVA III | the Participant has attained age 59½ | the Participant has separated from service with their employer and is at least 55 years of age | |
the Participant has died | |||
the Participant has incurred a disability (as defined under the Contract) | |||
the Participant has separated from service with their employer | |||
the Participant is experiencing financial hardship* |
* | A GVA III Contractowner has the option not to include the financial hardship condition. |
“standard” mortality and expense risk charge | 1.00% |
“breakpoint” mortality and expense charge* | .75% |
* | Only certain contract or plans are eligible for a breakpoint charge. See—Charges and Other Deductions. |
1. | The total value of the fund shares held in the Subaccount is calculated by multiplying the number of fund shares owned by the Subaccount at the beginning of the Valuation Period by the net asset value per share of the fund at the end of the Valuation Period, and adding any dividend or other distribution of the fund if an ex-dividend date occurs during the Valuation Period; minus |
2. | The liabilities of the Subaccount at the end of the Valuation Period. These liabilities include daily charges imposed on the Subaccount, and may include a charge or credit with respect to any taxes paid or reserved for by us that we determine result from the operations of the VAA; and |
3. | The result is divided by the number of Subaccount units outstanding at the beginning of the Valuation Period. |
Standard Benefits | |||
Name of Benefit | Purpose | Maximum Fee | Brief Description of Restrictions / Limitations |
Dollar-Cost Averaging | Allows you to automatically transfer a designated amount from certain Subaccount, or the fixed side of the contract, into one or more Subaccounts on a monthly basis for 1, 2 or 3 years. | None | • Minimum amount to be dollar cost averaged is $10,000 for 1 year, and $25,000 for 2 years and 3 years.• Different time periods may be offered for new Purchase Payments and for transfers of Contract Value.• State variations may exist. |
Systemic Transfer Service | Allows you to fully liquidate your fixed account balance over four years and automatically transfer to one or more of the Subaccounts. | None | • This service is only available for GVA III Participants. |
Account Sweep Service | Allows you to keep designated amount in on Subaccount or the fixed account. | None | • Beginning May 1, 2010, this service will no longer be available unless the Contractowner has enrolled prior to that date.• Automatically transfer excess amount to other Subaccounts of your choice. |
Portfolio Rebalancing | Allows you to automatically reallocate your Contract Value among investment options on a periodic basis based on your standing allocation instructions. | None | • Rebalancing my take place quarterly, semi-annually or annually. |
• | when the NYSE is closed (other than weekends and holidays); |
• | times when market trading is restricted or the SEC declares an emergency, and we cannot value units or the funds cannot redeem shares; or |
• | when the SEC so orders to protect Contractowners. |
• | The Participant's annuity conversion amount in the VAA as of the initial Annuity Payout calculation date; |
• | The annuity conversion factor contained in the contract; |
• | The annuity option selected; and |
• | The investment performance of the fund(s) selected. |
1. | Determine the dollar amount of the first periodic payout; then |
2. | Credit the retired life certificate with a specific number of Annuity Units equal to the first periodic payout divided by the Annuity Unit value; and |
3. | Calculate the value of the Annuity Units each period thereafter. |
• | Individual Retirement Accounts and Annuities (“Traditional IRAs”) |
• | Roth IRAs |
• | Traditional IRA that is part of a Simplified Employee Pension Plan (“SEP”) |
• | SIMPLE 401(k) plans (Savings Incentive Matched Plan for Employees) |
• | 401(a) / (k) plans (qualified corporate employee pension and profit-sharing plans) |
• | 403(a) plans (qualified annuity plans) |
• | 403(b) plans (public school system and tax-exempt organization annuity plans) |
• | H.R. 10 or Keogh Plans (self-employed individual plans) |
• | 457(b) plans (deferred compensation plans for state and local governments and tax-exempt organizations) |
• | An individual must own the contract (or the tax law must treat the contract as owned by an individual). |
• | The investments of the VAA must be “adequately diversified” in accordance with IRS regulations. |
• | Your right to choose particular investments for a contract must be limited. |
• | The Annuity Commencement Date must not occur near the end of the Annuitant’s life expectancy. |
• | Increased the required beginning date measuring age from 70½ to 72 for any participant or IRA owner who did not attain age 70½ prior to January 1, 2020. As a result, required minimum distributions are generally required to begin by April 1 of the year following the year in which a participant or IRA owner reached age 72. |
• | Eliminated the age 70½ limit for making contributions to an IRA. Beginning in 2020, an IRA owner can make contributions to his or her IRA at any age. |
• | Changed the required minimum distribution rules that apply after the death of a participant or IRA owner. |
• | Created the “Qualified Birth or Adoption” exception to the 10% additional tax on early distributions. |
• | Federal tax rules limit the amount of purchase payments that can be made, and the tax deduction or exclusion that may be allowed for the purchase payments. These limits vary depending on the type of qualified retirement plan and the plan Participant’s specific circumstances (e.g., the Participant’s compensation). |
• | Minimum annual distributions are required under some qualified retirement plans once you reach age 70 ½ or retire, if later as described below. |
• | Under most qualified plans, such as a traditional IRA, the owner must begin receiving payments from the contract in certain minimum amounts by a certain age, typically age 70 ½. Other qualified plans may allow the Participant to take required distributions upon the later of reaching age 70 ½ or retirement. |
• | Distribution received on or after the Annuitant reaches 59½ |
• | Distribution received on or after the Annuitant’s death or because of the Annuitant’s disability (as defined in the tax law) |
• | Distribution received as a series of substantially equal periodic payments based on the Annuitant’s life (or life expectancy), or |
• | Distribution received as reimbursement for certain amounts paid for medical care. |
• | deduction of any account fee or rider charges; |
• | any rebalancing event under the portfolio rebalancing service; and |
• | any transfer or withdrawal under any applicable additional service: dollar cost averaging, systematic transfer service, or account sweep service. |
Investment Objective | Fund and Adviser/Sub-adviser1 | Current Expenses | Average Annual Total Returns (as of 12/31/2021) | ||
1 year | 5 year | 10 year | |||
Long-term growth of capital. | AB VPS Large Cap Growth Portfolio - Class B | 0.90% | 28.65% | 25.77% | 20.52% |
Long-term growth of capital. | AB VPS Sustainable Global Thematic Portfolio - Class B (formerly AB VPS Global Thematic Growth Portfolio) | 1.13%2 | 22.57% | 22.11% | 14.95% |
Long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. | American Century VP Balanced Fund - Class I | 0.81%2 | 15.77% | 11.33% | 9.90% |
Long-term growth of capital. | American Funds Global Growth Fund - Class 2 | 0.67%2 | 16.42% | 19.70% | 15.66% |
Growth of capital. | American Funds Growth Fund - Class 2 | 0.60% | 21.99% | 25.43% | 19.71% |
Long-term growth of capital and income. | American Funds Growth-Income Fund - Class 2 | 0.54% | 24.10% | 16.39% | 15.42% |
Long-term growth of capital. | American Funds International Fund - Class 2 | 0.79% | -1.50% | 9.63% | 8.13% |
High total investment return. | BlackRock Global Allocation V.I. Fund - Class I This fund will be substituted with the LVIP BlackRock Global Allocation Fund on or about June 3, 2022. Consult your registered representative. | 0.75%2 | 6.67% | 9.95% | 7.94% |
Capital Appreciation. | Delaware VIP® Small Cap Value Series - Service Class3 | 1.05% | 34.01% | 9.22% | 11.78% |
Capital Appreciation. A fund of funds. | DWS Alternative Asset Allocation VIP Portfolio - Class A | 0.88% | 12.74% | 5.93% | 4.20% |
To obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments. | Fidelity® VIP Asset Manager Portfolio - Initial Class | 0.59% | 9.92% | 10.01% | 8.65% |
Long-term capital appreciation. | Fidelity® VIP Contrafund® Portfolio - Service Class 2 | 0.85% | 27.51% | 19.87% | 16.35% |
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2020 PortfolioSM - Service Class 2 | 0.75% | 9.26% | 10.41% | 8.98% |
Investment Objective | Fund and Adviser/Sub-adviser1 | Current Expenses | Average Annual Total Returns (as of 12/31/2021) | ||
1 year | 5 year | 10 year | |||
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2025 PortfolioSM - Service Class 2 | 0.78% | 10.55% | 11.24% | 9.98% |
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2030 PortfolioSM - Service Class 2 | 0.82% | 12.07% | 12.48% | 10.81% |
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2035 PortfolioSM - Service Class 2 | 0.87% | 15.18% | 13.98% | 11.97% |
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2040 PortfolioSM - Service Class 2 | 0.90% | 17.50% | 14.72% | 12.39% |
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2045 PortfolioSM - Service Class 2 | 0.90% | 17.53% | 14.72% | 12.49% |
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2050 PortfolioSM - Service Class 2 | 0.90% | 17.51% | 14.72% | 12.55% |
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2055 PortfolioSM - Service Class 2 | 0.90% | 17.52% | N/A | N/A |
High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond. A fund of funds. | Fidelity® VIP Freedom 2060 PortfolioSM - Service Class 2 | 0.90% | 17.52% | N/A | N/A |
To achieve capital appreciation. | Fidelity® VIP Growth Portfolio - Initial Class | 0.61% | 23.21% | 26.29% | 19.70% |
Long-term growth of capital. | Janus Henderson Global Research Portfolio - Institutional Shares | 0.77% | 18.09% | 16.70% | 13.59% |
Capital Appreciation. | LVIP Baron Growth Opportunities Fund - Service Class | 1.14%2 | 18.72% | 21.55% | 16.57% |
Total return. | LVIP BlackRock Advantage Allocation Fund - Standard Class This fund will merge into the LVIP BlackRock Global Allocation Fund on or about June 10, 2022. Consult your registered representative. | 0.73%2 | 7.71% | 8.99% | 7.79% |
High total investment return. | LVIP BlackRock Global Allocation Fund - Standard Class This fund will be available on or about June 3, 2022. Consult your registered representative. | 0.73%2 | 7.55% | N/A | N/A |
Investment Objective | Fund and Adviser/Sub-adviser1 | Current Expenses | Average Annual Total Returns (as of 12/31/2021) | ||
1 year | 5 year | 10 year | |||
Total return through a combination of current income and long-term capital appreciation. | LVIP BlackRock Global Real Estate Fund - Standard Class | 0.79%2 | 28.02% | 9.71% | 8.83% |
To maximize real return, consistent with preservation of real capital and prudent investment management. | LVIP BlackRock Inflation Protected Bond Fund - Standard Class | 0.48% | 4.67% | 3.64% | 1.93% |
Long-term growth of capital in a manner consistent with the preservation of capital. | LVIP Blended Large Cap Growth Managed Volatility Fund - Standard Class | 0.68%2 | 30.86% | 18.59% | 13.70% |
Capital Appreciation. | LVIP Blended Mid Cap Managed Volatility Fund - Standard Class | 0.71%2 | 13.29% | 17.89% | 10.64% |
Maximum current income (yield) consistent with a prudent investment strategy. | LVIP Delaware Bond Fund - Standard Class3 | 0.36% | -1.80% | 4.05% | 3.33% |
Total return. | LVIP Delaware Diversified Floating Rate Fund - Service Class3 | 0.87%2 | 0.14% | 1.57% | 1.36% |
Maximum long-term total return consistent with reasonable risk. | LVIP Delaware Diversified Income Fund - Standard Class3 | 0.54%2 | -1.30% | 4.50% | 3.59% |
Total return and, as a secondary objective, high current income. | LVIP Delaware High Yield Fund - Standard Class3 | 0.74%2 | 4.92% | 6.11% | 6.20% |
Maximum long-term total return, with capital appreciation as a secondary objective. | LVIP Delaware REIT Fund - Service Class3 | 1.12% | 42.54% | 8.58% | 9.73% |
Long-term capital appreciation. | LVIP Delaware SMID Cap Core Fund - Service Class3 | 1.10% | 22.83% | 12.76% | 12.99% |
To maximize long-term capital appreciation. | LVIP Delaware Social Awareness Fund - Standard Class3 | 0.43% | 26.43% | 18.03% | 15.90% |
To provide a responsible level of income and the potential for capital appreciation. | LVIP Delaware Wealth Builder Fund - Standard Class3 | 0.72%2 | 11.78% | 7.81% | 7.99% |
Long-term capital appreciation. | LVIP Dimensional U.S. Core Equity 1 Fund - Standard Class | 0.38%2 | 27.55% | 16.70% | 15.49% |
Long-term capital growth. | LVIP Franklin Templeton Global Equity Managed Volatility Fund - Standard Class | 0.71%2 | 17.32% | 10.46% | 8.24% |
A high level of current income with some consideration given to growth of capital. A fund of funds. | LVIP Global Conservative Allocation Managed Risk Fund - Standard Class | 0.73%2 | 7.63% | 6.95% | 6.25% |
A balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. A fund of funds. | LVIP Global Growth Allocation Managed Risk Fund - Standard Class | 0.70%2 | 12.77% | 8.42% | 6.84% |
Current income consistent with the preservation of capital. | LVIP Global Income Fund - Standard Class | 0.65%2 | -5.09% | 2.98% | 1.98% |
A balance between a high level of current income and growth of capital, with an emphasis on growth of capital. A fund of funds. | LVIP Global Moderate Allocation Managed Risk Fund - Standard Class | 0.71%2 | 10.82% | 7.89% | 6.53% |
Current income and some capital appreciation. A fund of funds. | LVIP JPMorgan Retirement Income Fund - Standard Class | 0.69%2 | 5.87% | 6.94% | 6.29% |
Investment Objective | Fund and Adviser/Sub-adviser1 | Current Expenses | Average Annual Total Returns (as of 12/31/2021) | ||
1 year | 5 year | 10 year | |||
Long-term capital appreciation. | LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Standard Class | 0.76%2 | 29.08% | 9.11% | 9.13% |
Long-term capital appreciation as measured by the change in the value of fund shares over a period of three years or longer. | LVIP Mondrian International Value Fund - Standard Class | 0.74%2 | 11.26% | 6.07% | 5.75% |
To match as closely as practicable, before fees and expenses, the performance of the Barclays Capital U.S. Aggregate Index. | LVIP SSGA Bond Index Fund - Standard Class | 0.36%2 | -1.98% | 3.24% | 2.55% |
To maximize long-term capital appreciation. | LVIP SSGA Emerging Markets 100 Fund - Standard Class | 0.47%2 | 8.79% | 5.47% | 2.83% |
Long-term growth of capital. A fund of funds. | LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Standard Class | 0.55%2 | 12.58% | 8.01% | 6.30% |
To approximate as closely as practicable, before fees and expenses, the performance of a broad market index of non-U.S. foreign securities. | LVIP SSGA International Index Fund - Standard Class | 0.37%2 | 11.06% | 9.40% | 7.72% |
Capital Appreciation. A fund of funds. | LVIP SSGA International Managed Volatility Fund - Standard Class | 0.60%2 | 10.76% | 7.29% | N/A |
To approximate as closely as practicable, before fees and expenses, the total rate of return of common stocks publicly traded in the United States, as represented by the S&P 500 Index. | LVIP SSGA S&P 500 Index Fund - Standard Class4 | 0.23% | 28.42% | 18.18% | 16.27% |
To approximate as closely as practicable, before fees and expenses, the performance of the Russell 2000® Index, which emphasizes stocks of small U.S. companies. | LVIP SSGA Small-Cap Index Fund - Standard Class | 0.38%2 | 14.56% | 11.56% | 12.77% |
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds. | LVIP T. Rowe Price 2010 Fund - Standard Class This fund will merge into the LVIP JPMorgan Retirement Income fund on or about June 10, 2022. Consult your registered representative. | 0.69%2 | 8.61% | 8.19% | 6.55% |
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds. | LVIP T. Rowe Price 2020 Fund - Standard Class | 0.67%2 | 10.23% | 9.45% | 7.27% |
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds. | LVIP T. Rowe Price 2030 Fund - Standard Class | 0.69%2 | 13.60% | 10.89% | 8.03% |
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds. | LVIP T. Rowe Price 2040 Fund - Standard Class | 0.71%2 | 16.93% | 12.17% | 8.71% |
Investment Objective | Fund and Adviser/Sub-adviser1 | Current Expenses | Average Annual Total Returns (as of 12/31/2021) | ||
1 year | 5 year | 10 year | |||
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds. | LVIP T. Rowe Price 2050 Fund - Standard Class | 0.72%2 | 18.01% | 13.10% | 9.22% |
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds. | LVIP T. Rowe Price 2060 Fund - Standard Class | 0.73%2 | 18.69% | N/A | N/A |
To maximize capital appreciation. | LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Standard Class | 0.71%2 | 13.84% | 20.02% | 16.95% |
Long-term growth of capital by investing primarily in securities of companies that meet the Fund's environmental, social and governance (ESG) criteria. | Neuberger Berman AMT Sustainable Equity Portfolio - I Class | 0.89% | 23.48% | 15.72% | 14.36% |
Long-term growth of capital through investments primarily in the common stocks of established, non-U.S. companies. | T. Rowe Price International Stock Portfolio | 0.95%2 | 1.32% | 10.21% | 8.18% |
1 | The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company. |
2 | This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information. |
3 | Investments in Delaware VIP Series, Delaware Funds, Ivy Variable Insurance Portfolios, Ivy Funds, LVIP Delaware Funds or Lincoln Life accounts managed by Macquarie Investment Management Advisers, a series of Macquarie Investments Management Business Trust, are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the series or funds or accounts, the repayment of capital from the series or funds or account, or any particular rate of return. |
4 | The index to which this fund is managed is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by one or more of the portfolio’s service providers (licensee). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensees. S&P®, S&P GSCI® and the index are trademarks of S&P and have been licensed for use by SPDJI and its affiliates and sublicensed for certain purposes by the licensee. The Index is not owned, endorsed, or approved by or associated with any additional third party. The licensee’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S& P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have any liability for any errors, omissions, or interruptions of the Index. |
5 | Standard & Poor’s®,” “S&P®,” “Standard & Poor’s Equal Weight Index,” “S&P EWI,” “S&P 500®,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Invesco V.I. Equally-Weighted S&P 500 Fund. The fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in the fund. |
6 | Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product. |
• | Mailing: The Lincoln National Life Insurance Company, PO Box 2340, Fort Wayne, IN 46801-2340 |
• | Visiting: www.lfg.com/VAprospectus |
• | Emailing: pwmixccontact@lfg.com |
• | Calling: 1-800-341-0441 |
• | the annuity commencement date; |
• | the value of the amount being DCA'd is depleted; or |
• | you cancel the program by written request or by telephone if we have your telephone authorization on file. |
• | the dollar value of the Contract on the Annuity Commencement Date less any applicable premium tax; |
• | the annuity tables contained in the Contract; |
• | the type of annuity option selected; and |
• | the investment results of the fund(s) selected. |
• | first, we determine the dollar amount of the first payout; |
• | second, we credit the Contract with a fixed number of Annuity Units based on the amount of the first payout; and |
• | third, we calculate the value of the Annuity Units each period thereafter. |
• | The net investment factor of the Subaccount for the Valuation Period for which the Annuity Unit value is being determined, and |
• | A factor to neutralize the assumed investment return in the annuity table. |