XML 8 R1.htm IDEA: XBRL DOCUMENT v3.23.1
N-4
Apr. 25, 2023
USD ($)
Prospectus:  
Document Type N-4
Entity Registrant Name Lincoln National Variable Annuity Account L
Entity Central Index Key 0001015343
Entity Investment Company Type N-4
Document Period End Date Apr. 25, 2023
Amendment Flag false
Lincoln Retirement Income Rollover Version 1  
Prospectus:  
Fees and Expenses [Text Block]
 
FEES AND EXPENSES
Location in
Prospectus
Charges for Early
Withdrawals
There are no surrender charges associated with this Contract.
N/A
Transaction
Charges
There are no sales charges associated with this Contract.
N/A
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
0.05%1
0.05%1
Base Contract – Guaranteed Withdrawal
Benefit
0.90%2
2.00%2
Investment options (fund fees and
expenses)
0.59%1
0.76%1
1 As a percentage of average Account Value in the Subaccounts.
2As a percentage of the Income Base.
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, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract.
 
Lowest Annual Cost: $799
Highest Annual Cost: $3,109
 
 
Assumes:
Assumes:
 
 
Investment of $100,000
5% annual appreciation
Least expensive fund fees and
expenses
No additional Purchase Payments,
transfers, or withdrawals
Investment of $100,000
5% annual appreciation
Most expensive fund fees and expenses
No additional Purchase Payments,
transfers, or withdrawals
 
Charges for Early Withdrawals [Text Block]
Charges for Early
Withdrawals
There are no surrender charges associated with this Contract.
N/A
Transaction Charges [Text Block]
Transaction
Charges
There are no sales charges associated with this Contract.
N/A
Ongoing Fees and Expenses [Table Text Block]
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
0.05%1
0.05%1
Base Contract – Guaranteed Withdrawal
Benefit
0.90%2
2.00%2
Investment options (fund fees and
expenses)
0.59%1
0.76%1
1 As a percentage of average Account Value in the Subaccounts.
2As a percentage of the Income Base.
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, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract.
 
Lowest Annual Cost: $799
Highest Annual Cost: $3,109
 
 
Assumes:
Assumes:
 
 
Investment of $100,000
5% annual appreciation
Least expensive fund fees and
expenses
No additional Purchase Payments,
transfers, or withdrawals
Investment of $100,000
5% annual appreciation
Most expensive fund fees and expenses
No additional Purchase Payments,
transfers, or withdrawals
 
Base Contract (of Average Annual Net Assets) (N-4) Minimum [Percent] 0.05%
Base Contract (of Average Annual Net Assets) (N-4) Maximum [Percent] 0.05%
Base Contract (N-4) Footnotes [Text Block] As a percentage of average Account Value in the Subaccounts.
Investment Options (of Average Annual Net Assets) Minimum [Percent] 0.59%
Investment Options (of Average Annual Net Assets) Maximum [Percent] 0.76%
Investment Options Footnotes [Text Block] As a percentage of average Account Value in the Subaccounts.
Lowest and Highest Annual Cost [Table Text Block]
 
Lowest Annual Cost: $799
Highest Annual Cost: $3,109
 
 
Assumes:
Assumes:
 
 
Investment of $100,000
5% annual appreciation
Least expensive fund fees and
expenses
No additional Purchase Payments,
transfers, or withdrawals
Investment of $100,000
5% annual appreciation
Most expensive fund fees and expenses
No additional Purchase Payments,
transfers, or withdrawals
 
Risks [Table Text Block]
 
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
Not a Short-Term
Investment
This Contract is not designed for short-term investing and may not be appropriate for
the investor who needs ready access to cash.
The benefits of tax deferral, long-term income, and living benefit protections also
mean the Contract is more beneficial to investors with a long-term investment
horizon.
Principal Risks
Surrender and
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 has its own unique risks.
You should review the investment options before making an investment decision.
Principal Risks
Investments of
the Variable
Annuity
Account
Insurance
Company Risks
An investment in the Contract is subject to the risks related to us. Any obligations,
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 1-800-454-6265 or visiting
www.LincolnFinancial.com.
Principal Risks
Investment Restrictions [Text Block] We reserve the right to remove or substitute any funds as investment options that are available under the Contract.
Tax Implications [Text Block] 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.
Investment Professional Compensation [Text Block] Your financial professional 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 financial professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less.
Exchanges [Text Block] You should only exchange your contract 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.
Item 4. Fee Table [Text Block] Fee Tables The following tables describe the fees and expenses that you will pay when investing in and surrendering or making withdrawals from the Contract. 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. The first table describes the fees and expenses that you will pay at the time that you invest in or surrender or make withdrawals from the Contract. TRANSACTION EXPENSES
There are no sales charges, deferred sales charges, or surrender charges associated with this Contract.
 
The following table describes the fees and expenses that you will pay each year during the time that you are invested in the Contract, not including fund fees and expenses. ANNUAL CONTRACT EXPENSES
Base Contract Expense (as a percentage of average Account Value in the Subaccount):
 
 
Base Contract Expense
 
0.05%
 
 
 
Guaranteed Withdrawal Benefit1
 
 
Guaranteed Maximum Annual Charge
 
2.00%
Current Annual Charge
 
0.90%
(1)As a percentage of the Income Base, as increased for subsequent Purchase Payments, Automatic Annual Step-ups and decreased upon an Excess Withdrawal. The current monthly charge is 0.075%, not to exceed the guaranteed maximum monthly percentage charge of 0.17%. This charge is deducted from the AAV on a monthly basis. The next table shows the minimum and maximum total annual operating expenses charged by the funds that you may pay periodically during the time that you are invested in the Contract. The expenses are for the year ended December 31, 2022. A complete list of funds available under the Contract, including their annual expenses, may be found in an appendix to this prospectus. See Appendix A: Funds Available Under the Contract.
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.
0.59%
0.76%
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
0.59%
0.74%
1Any expense waivers or reimbursements will remain in effect until at least April 30, 2024, and can only be terminated early with approval by the fund’s board of directors.
Sales Load (of Purchase Payments), Maximum [Percent] 0.00%
Deferred Sales Load (of Amount Surrendered), Maximum [Percent] 0.00%
Base Contract Expense (of Average Account Value), Maximum [Percent] 0.05%
Annual Portfolio Company Expenses [Table Text Block] The next table shows the minimum and maximum total annual operating expenses charged by the funds that you may pay periodically during the time that you are invested in the Contract. The expenses are for the year ended December 31, 2022. A complete list of funds available under the Contract, including their annual expenses, may be found in an appendix to this prospectus. See Appendix A: Funds Available Under the Contract.
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.
0.59%
0.76%
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
0.59%
0.74%
1Any expense waivers or reimbursements will remain in effect until at least April 30, 2024, and can only be terminated early with approval by the fund’s board of directors.
Portfolio Company Expenses [Text Block] Expenses that are deducted from the fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses before reimbursements.
Portfolio Company Expenses Minimum [Percent] 0.59%
Portfolio Company Expenses Maximum [Percent] 0.76%
Surrender Example [Table Text Block]
1 year
3 years
5 years
10 years
$2,819
$8,641
$14,717
$31,086
Surrender Expense, 1 Year, Maximum [Dollars] $ 2,819
Surrender Expense, 3 Years, Maximum [Dollars] 8,641
Surrender Expense, 5 Years, Maximum [Dollars] 14,717
Surrender Expense, 10 Years, Maximum [Dollars] 31,086
Annuitized Expense, 1 Year, Maximum [Dollars] 2,819
Annuitized Expense, 3 Years, Maximum [Dollars] 8,641
Annuitized Expense, 5 Years, Maximum [Dollars] 14,717
Annuitized Expense, 10 Years, Maximum [Dollars] 31,086
No Surrender Expense, 1 Year, Maximum [Dollars] 2,819
No Surrender Expense, 3 Years, Maximum [Dollars] 8,641
No Surrender Expense, 5 Years, Maximum [Dollars] 14,717
No Surrender Expense, 10 Years, Maximum [Dollars] $ 31,086
Item 5. Principal Risks [Table Text Block] Principal Risks The principal risks of investing in the Contract include: Risk of Loss. You can lose money by investing in this Contract, including loss of principal. Neither the U.S. Government nor any federal agency insures or guarantees your investment in the Contract. Short-Term Investment Risk. This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral and long-term income also mean that the Contract is more beneficial to investors with a long-term horizon. Variable Option Risk. You take all the investment risk on the Contract Value and the retirement income for amounts placed into one or more of the Subaccounts, which invest in corresponding underlying funds. If the Subaccounts you select make money, your Contract Value goes up; if they lose money, your Contract Value goes down. How much it goes up or down depends on the performance of the Subaccounts you select. Each underlying fund is subject to its own investment risks. When you invest in a Subaccount, you are exposed to the investment risks of the underlying fund. Managed Volatility Fund Risk. Certain underlying funds may employ risk management strategies to provide for downside protection during sharp downward movements in equity markets. These funds usually, but not always, have “Managed Risk” or “Managed Volatility” in the name of the fund. These strategies could limit the upside participation of the fund in rising equity markets relative to other funds. Risk management strategies, in periods of high market volatility, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and the value of your guaranteed benefits. For more information on these funds and their risk management strategies, please see the funds’ prospectuses. Withdrawal Risk (Illiquidity Risk). You should carefully consider the risks associated with taking a withdrawal or surrender under the Contract. The proceeds of your withdrawal or surrender may be subject to ordinary income taxes, including a tax penalty if you are younger than age 59½. You should also consider the impact that a withdrawal may have on the standard and optional benefits under your Contract. Transfer Risk. Your ability to transfer between investment options may be restricted under the Contract. If permitted by your Contract, we may discontinue accepting transfers into the fixed side of the contract at any time. Fee and Expense Risk. You are subject to the risk that we may increase certain contract fees and charges, and that underlying fund expenses may increase. Financial Strength and Claims-Paying Ability Risk. An investment in the Contract is subject to the risks related to us, Lincoln Life. Any obligations, 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. Cybersecurity and Business Interruption Risks. We rely heavily on interconnected computer systems and digital data to conduct our annuity business. Because our business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyber-attacks, including ransomware and malware attacks. These risks include, among other things, the theft, loss, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on websites and other operational disruption and unauthorized release of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil. Such systems failures and cyber-attacks affecting us, any third-party administrator, the underlying funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, systems failures and cyber-attacks may interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate Accumulation Unit value, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines, litigation, and financial losses and/or cause reputational damage. Cyber security risks may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your Contract to lose value. There can be no assurance that we or the underlying funds or our service providers will avoid losses affecting your Contract due to system disruptions, cyber-attacks or information security breaches in the future. In addition to cyber security risks, we are exposed to risks related to natural and man-made disasters, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability or willingness of our employees or the employees of our service providers to perform their job responsibilities. They could also result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from Contractowners. Disasters may negatively affect the computer and other systems on which we rely, impact our ability to calculate accumulation unit values, or have other possible negative impacts. They may also impact the issuers of securities in which the underlying funds invest, which may negatively affect the value of the underlying funds and the value of your Contract. There can be no assurance that we or the underlying funds or our service providers will be able to successfully avoid negative impacts associated with natural and man-made disasters.
Item 10. Benefits Available (N-4) [Text Block] Benefits Available Under the Contract The following table summarize information about the benefits available under the Contract. A detailed description of each benefit follows the table.
Standard Benefits
Name of Benefit
Purpose
Maximum Fee
Brief Description of Restrictions /
Limitations
Guaranteed
Withdrawal Benefit
Guaranteed lifetime periodic withdrawals;
Annual step-ups of the Income Base;
Age-based increases the Guaranteed
Annual Income amount.
2.00%
Excess Withdrawals could significantly
reduce or terminate the benefit.
Any Excess Withdrawal may negatively
impact or eliminate the potential for
enhancements or step-ups.
Subject to a $2 million maximum
Protected Income Base.
Additional Purchase Payments may be
limited.
Benefits Available [Table Text Block]
Standard Benefits
Name of Benefit
Purpose
Maximum Fee
Brief Description of Restrictions /
Limitations
Guaranteed
Withdrawal Benefit
Guaranteed lifetime periodic withdrawals;
Annual step-ups of the Income Base;
Age-based increases the Guaranteed
Annual Income amount.
2.00%
Excess Withdrawals could significantly
reduce or terminate the benefit.
Any Excess Withdrawal may negatively
impact or eliminate the potential for
enhancements or step-ups.
Subject to a $2 million maximum
Protected Income Base.
Additional Purchase Payments may be
limited.
Name of Benefit [Text Block] Name of Benefit
Purpose of Benefit [Text Block] Purpose
Brief Restrictions / Limitations [Text Block] Brief Description of Restrictions / Limitations
Name of Benefit [Text Block] Name of Benefit
Item 17. Portfolio Companies (N-4) [Text Block] Appendix A — Funds Available Under The ContractThe following is a list of funds currently available under the Contract. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the Fund’s prospectus, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-234-3500 or by sending an email request to CustServSupportTeam@lfg.com. The current expenses and performance information below reflects fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance.
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2022)
 
 
 
1 year
5 year
10 year
A balance between a high level of current
income and growth of capital. A fund of
funds.
LVIP American Global Balanced
Allocation Managed Risk Fund - Standard
Class
0.59%
-15.53%
2.78%
4.64%
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
0.74%2
-17.38%
1.11%
3.56%
1The 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.2This 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.
Prospectuses Available [Text Block] The following is a list of funds currently available under the Contract. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the Fund’s prospectus, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-234-3500 or by sending an email request to CustServSupportTeam@lfg.com. The current expenses and performance information below reflects fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance.
Portfolio Companies [Table Text Block]
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2022)
 
 
 
1 year
5 year
10 year
A balance between a high level of current
income and growth of capital. A fund of
funds.
LVIP American Global Balanced
Allocation Managed Risk Fund - Standard
Class
0.59%
-15.53%
2.78%
4.64%
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
0.74%2
-17.38%
1.11%
3.56%
Portfolio Company Objective [Text Block] Investment Objective
Temporary Fee Reductions, Current Expenses [Text Block] 2This 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.
Lincoln Retirement Income Rollover Version 1 | ShortTermInvestmentRiskMember  
Prospectus:  
Principal Risk [Text Block] Short-Term Investment Risk. This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral and long-term income also mean that the Contract is more beneficial to investors with a long-term horizon.
Lincoln Retirement Income Rollover Version 1 | VariableOptionRiskMember  
Prospectus:  
Principal Risk [Text Block] Variable Option Risk. You take all the investment risk on the Contract Value and the retirement income for amounts placed into one or more of the Subaccounts, which invest in corresponding underlying funds. If the Subaccounts you select make money, your Contract Value goes up; if they lose money, your Contract Value goes down. How much it goes up or down depends on the performance of the Subaccounts you select. Each underlying fund is subject to its own investment risks. When you invest in a Subaccount, you are exposed to the investment risks of the underlying fund.
Lincoln Retirement Income Rollover Version 1 | ManagedVolatilityFundRiskMember  
Prospectus:  
Principal Risk [Text Block] Managed Volatility Fund Risk. Certain underlying funds may employ risk management strategies to provide for downside protection during sharp downward movements in equity markets. These funds usually, but not always, have “Managed Risk” or “Managed Volatility” in the name of the fund. These strategies could limit the upside participation of the fund in rising equity markets relative to other funds. Risk management strategies, in periods of high market volatility, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and the value of your guaranteed benefits. For more information on these funds and their risk management strategies, please see the funds’ prospectuses.
Lincoln Retirement Income Rollover Version 1 | WithdrawalRiskIlliquidityRiskMember  
Prospectus:  
Principal Risk [Text Block] Withdrawal Risk (Illiquidity Risk). You should carefully consider the risks associated with taking a withdrawal or surrender under the Contract. The proceeds of your withdrawal or surrender may be subject to ordinary income taxes, including a tax penalty if you are younger than age 59½. You should also consider the impact that a withdrawal may have on the standard and optional benefits under your Contract.
Lincoln Retirement Income Rollover Version 1 | TransferRiskMember  
Prospectus:  
Principal Risk [Text Block] Transfer Risk. Your ability to transfer between investment options may be restricted under the Contract. If permitted by your Contract, we may discontinue accepting transfers into the fixed side of the contract at any time.
Lincoln Retirement Income Rollover Version 1 | FeeandExpenseRiskMember  
Prospectus:  
Principal Risk [Text Block] Fee and Expense Risk. You are subject to the risk that we may increase certain contract fees and charges, and that underlying fund expenses may increase.
Lincoln Retirement Income Rollover Version 1 | FinancialStrengthandClaimsPayingAbilityRiskMember  
Prospectus:  
Principal Risk [Text Block] Financial Strength and Claims-Paying Ability Risk. An investment in the Contract is subject to the risks related to us, Lincoln Life. Any obligations, 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.
Lincoln Retirement Income Rollover Version 1 | CybersecurityandBusinessInteruptionRiskMember  
Prospectus:  
Principal Risk [Text Block] Cybersecurity and Business Interruption Risks. We rely heavily on interconnected computer systems and digital data to conduct our annuity business. Because our business is highly dependent upon the effective operation of our computer systems and those of our business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions), and cyber-attacks, including ransomware and malware attacks. These risks include, among other things, the theft, loss, misuse, corruption and destruction of data maintained online or digitally, interference with or denial of service, attacks on websites and other operational disruption and unauthorized release of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil. Such systems failures and cyber-attacks affecting us, any third-party administrator, the underlying funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your Contract Value. For instance, systems failures and cyber-attacks may interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate Accumulation Unit value, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines, litigation, and financial losses and/or cause reputational damage. Cyber security risks may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your Contract to lose value. There can be no assurance that we or the underlying funds or our service providers will avoid losses affecting your Contract due to system disruptions, cyber-attacks or information security breaches in the future. In addition to cyber security risks, we are exposed to risks related to natural and man-made disasters, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, any of which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability or willingness of our employees or the employees of our service providers to perform their job responsibilities. They could also result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from Contractowners. Disasters may negatively affect the computer and other systems on which we rely, impact our ability to calculate accumulation unit values, or have other possible negative impacts. They may also impact the issuers of securities in which the underlying funds invest, which may negatively affect the value of the underlying funds and the value of your Contract. There can be no assurance that we or the underlying funds or our service providers will be able to successfully avoid negative impacts associated with natural and man-made disasters.
Lincoln Retirement Income Rollover Version 1 | Risk of Loss [Member]  
Prospectus:  
Risk [Text Block] You can lose money by investing in this Contract, including loss of principal.
Principal Risk [Text Block] Risk of Loss. You can lose money by investing in this Contract, including loss of principal. Neither the U.S. Government nor any federal agency insures or guarantees your investment in the Contract.
Lincoln Retirement Income Rollover Version 1 | Not Short Term Investment Risk [Member]  
Prospectus:  
Risk [Text Block] This Contract is not designed for short-term investing and may not be appropriate for the investor who needs ready access to cash.The benefits of tax deferral, long-term income, and living benefit protections also mean the Contract is more beneficial to investors with a long-term investment horizon.
Lincoln Retirement Income Rollover Version 1 | Investment Options Risk [Member]  
Prospectus:  
Risk [Text Block] 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 has its own unique risks.You should review the investment options before making an investment decision.
Lincoln Retirement Income Rollover Version 1 | Insurance Company Risk [Member]  
Prospectus:  
Risk [Text Block] An investment in the Contract is subject to the risks related to us. Any obligations, 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 1-800-454-6265 or visiting www.LincolnFinancial.com.
Lincoln Retirement Income Rollover Version 1 | LVIPAmericanGlobalBalancedAllocationManagedRiskFundStandardClassMember  
Prospectus:  
Portfolio Company Objective [Text Block] A balance between a high level of current income and growth of capital. A fund of funds.
Portfolio Company Name [Text Block] LVIP American Global Balanced Allocation Managed Risk Fund - Standard Class
Current Expenses [Percent] 0.59%
Average Annual Total Returns, 1 Year [Percent] (15.53%)
Average Annual Total Returns, 5 Years [Percent] 2.78%
Average Annual Total Returns, 10 Years [Percent] 4.64%
Lincoln Retirement Income Rollover Version 1 | LVIPGlobalModerateAllocationManagedRiskFundStandardClassMember  
Prospectus:  
Portfolio Company Objective [Text Block] A balance between a high level of current income and growth of capital, with an emphasis on growth of capital. A fund of funds.
Portfolio Company Name [Text Block] LVIP Global Moderate Allocation Managed Risk Fund - Standard Class
Current Expenses [Percent] 0.74%
Average Annual Total Returns, 1 Year [Percent] (17.38%)
Average Annual Total Returns, 5 Years [Percent] 1.11%
Average Annual Total Returns, 10 Years [Percent] 3.56%
Lincoln Retirement Income Rollover Version 1 | GuaranteedWithdrawalBenefitMember  
Prospectus:  
Base Contract (of Other Amount) (N-4) Minimum [Percent] 0.90%
Base Contract (of Other Amount) (N-4) Maximum [Percent] 2.00%
Base Contract (N-4) Footnotes [Text Block] As a percentage of the Income Base.
Optional Benefit Expense (of Benefit Base), Maximum [Percent] 2.00%
Optional Benefit Expense (of Benefit Base), Current [Percent] 0.90%
Optional Benefit Expense, Footnotes [Text Block] As a percentage of the Income Base, as increased for subsequent Purchase Payments, Automatic Annual Step-ups and decreased upon an Excess Withdrawal. The current monthly charge is 0.075%, not to exceed the guaranteed maximum monthly percentage charge of 0.17%. This charge is deducted from the AAV on a monthly basis.
Name of Benefit [Text Block] Guaranteed Withdrawal Benefit
Purpose of Benefit [Text Block] Guaranteed lifetime periodic withdrawals;Annual step-ups of the Income Base;Age-based increases the Guaranteed Annual Income amount.
Standard Benefit [Flag] true
Standard Benefit Expense (of Benefit Base), Maximum [Percent] 2.00%
Optional Benefit Expense (of Benefit Base), Maximum [Percent] 2.00%
Optional Benefit Expense (of Benefit Base), Current [Percent] 0.90%
Optional Benefit Expense, Footnotes [Text Block] As a percentage of the Income Base, as increased for subsequent Purchase Payments, Automatic Annual Step-ups and decreased upon an Excess Withdrawal. The current monthly charge is 0.075%, not to exceed the guaranteed maximum monthly percentage charge of 0.17%. This charge is deducted from the AAV on a monthly basis.
Brief Restrictions / Limitations [Text Block] Excess Withdrawals could significantly reduce or terminate the benefit. Any Excess Withdrawal may negatively impact or eliminate the potential for enhancements or step-ups.Subject to a $2 million maximum Protected Income Base.Additional Purchase Payments may be limited.
Name of Benefit [Text Block] Guaranteed Withdrawal Benefit
Operation of Benefit [Text Block] Guaranteed Withdrawal Benefit The Guaranteed Withdrawal Benefit provides for each Annuitant (and spouse if the joint life option is elected): Guaranteed lifetime periodic withdrawals up to the Guaranteed Annual Income amount which is based upon a guaranteed Income Base;Automatic Annual Step-ups of the Income Base to the AAV if the AAV is equal to or greater than the Income Base and the maximum age(s) has not been reached;Age-based increases to the Guaranteed Annual Income amount (after reaching a higher age-band and after an Automatic Annual Step-up).Please note any withdrawals made prior to the Guaranteed Annual Income Effective Date or that exceed the Guaranteed Annual Income amount (referred to as Excess Withdrawals) may significantly reduce the Income Base as well as the Guaranteed Annual Income amount by an amount greater than the dollar amount of the Excess Withdrawal and will terminate the benefit if the Income Base is reduced to zero. The Guaranteed Withdrawal Benefit provides guaranteed, periodic withdrawals for your life or for the lives of you and your spouse (joint life option) regardless of the investment performance of the Contract, provided that certain conditions are met. For purposes of this Guaranteed Withdrawal Benefit, spouse means an individual who would be recognized as a spouse under federal law. An Income Base is used to calculate the Guaranteed Annual Income payment from AAV, but is not available as a separate benefit upon death or surrender. The Income Base will be carried over from the Lincoln PathBuilderSM Income variable annuity under your previous retirement plan. The Income Base will be increased by subsequent Purchase Payments and Automatic Annual Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. Limits on Purchase Payments are discussed in the Purchase Payments section of this prospectus. No additional Purchase Payments are allowed if the AAV decreases to zero after the Guaranteed Annual Income Effective Date for any reason. The Guaranteed Withdrawal Benefit provides for guaranteed, periodic withdrawals up to the Guaranteed Annual Income amount commencing after you (single life option) or the younger of you or your spouse (joint life option) reach age 55. The Guaranteed Annual Income payments are based upon specified percentages of the Income Base. The specified withdrawal percentages of the Income Base are age-based and may increase over time. With the single life option, you may receive Guaranteed Annual Income payments for life. Under the joint life option, Guaranteed Annual Income amounts for the lifetimes of you and your spouse will be available. Income Base. The Income Base is a value used to calculate the Guaranteed Annual Income amount. The Income Base is not available as a lump sum withdrawal or as a Death Benefit. The initial Income Base under this Certificate is the amount of your Income Base that was transferred from the Lincoln PathBuilderSM Income variable annuity contract under your former retirement plan. The maximum Income Base is $2,000,000. This maximum takes into consideration the total guaranteed amounts under the living benefit riders of all Lincoln Life Contracts (or Contracts issued by our affiliates) in which you (and/or your spouse if joint life option) are the covered lives. Each additional Purchase Payment automatically increases the Income Base by the amount of the Purchase Payment (not to exceed the maximum Income Base). Additional Purchase Payments will not be allowed after the Guaranteed Annual Income Effective Date if the AAV decreases to zero for any reason including market loss. Excess Withdrawals reduce the Income Base as discussed below. Withdrawals less than or equal to the Guaranteed Annual Income amount, amounts deducted for the Guaranteed Withdrawal Benefit charge, and any recordkeeping charge of 0.20% or less assessed by your IRA custodian will not reduce the Income Base. All withdrawals prior to the Guaranteed Annual Income Effective Date are considered Excess Withdrawals. Automatic Annual Step-ups of the Income Base. The Income Base will automatically step-up to the AAV on the Valuation Date immediately prior to each Benefit Year anniversary if: a)the Annuitant (single life option), or the Annuitant or spouse (joint life option) are still living and under age 86 (if both spouses are living, they both must be under age 86); andb)the AAV on that Valuation Date, after the deduction of any withdrawals (including the Guaranteed Withdrawal Benefit charge), plus any Purchase Payments made on that date, is equal to or greater than the Income Base.The Automatic Annual Step-up is available even in those years when a withdrawal has occurred. Following is an example of how the Automatic Annual Step-ups will work (assuming no withdrawals or additional Purchase Payments):
 
AAV
Income Base
Initial Rollover Money $50,000
$50,000
$50,000
Valuation Date immediately prior to 1st Benefit Year anniversary
$54,000
$54,000
Valuation Date immediately prior to 2nd Benefit Year anniversary
$53,900
$54,000
Valuation Date immediately prior to 3rd Benefit Year anniversary
$57,000
$57,000
Valuation Date immediately prior to 4th Benefit Year anniversary
$64,000
$64,000
Withdrawal Amount. If the Guaranteed Annual Income Effective Date occurred under the Lincoln PathBuilderSM Income contract, the Guaranteed Annual Income will continue under this Certificate, using the same Guaranteed Annual Income calculation. If the Certificate Effective Date is not the same as the Benefit Year anniversary date, you will receive only the amount of Guaranteed Annual Income remaining from the Lincoln PathBuilderSM Income contract for that Benefit Year until your next Benefit Year anniversary. For those who have not previously requested a Guaranteed Annual Income Effective Date, you may request to begin Guaranteed Annual Income withdrawals by submitting a request to the Home Office. The Valuation Date the request is approved is the Guaranteed Annual Income Effective Date. At that time, you will elect either the single life option or the joint life option of the Guaranteed Withdrawal Benefit. After the Guaranteed Annual Income Effective Date, periodic withdrawals up to the Guaranteed Annual Income amount may be taken each Benefit Year for your lifetime (single life option) or the lifetimes of you and your spouse (joint life option) as long as the Guaranteed Annual Income amount is greater than zero. Guaranteed Annual Income withdrawals may be taken once you (single life option) or the younger of you and your spouse (joint life option) turn age 55. If the Guaranteed Annual Income Effective Date does not occur on a Benefit Year anniversary, the Guaranteed Annual Income amount for the first year will be prorated based on the number of days remaining in that Benefit Year. Upon the Guaranteed Annual Income Effective Date, the Weighted Average Guaranteed Annual Income (“WAGAI”) percentage is calculated, based on your age (single life option) or the age of the younger of you and your spouse (joint life option). After the Guaranteed Annual Income Effective Date, the Guaranteed Annual Income amount percentage will increase on a Benefit Year anniversary on or after an applicable higher age band has been reached only after there has also been an Automatic Annual Step-up. The Automatic Annual Step-up must occur after the date you (or spouse if applicable) reached the higher age band. If an applicable age band has been reached and there has not also been an Automatic Annual Step-up, then the Guaranteed Annual Income amount percentage will not increase until the next Automatic Annual Step-up occurs. If the entire Guaranteed Annual Income amount is not withdrawn during a Benefit Year, there is no carryover of the remaining amount into the next Benefit Year. Weighted Average Guaranteed Annual Income Percentage (WAGAI). Under the Lincoln PathBuilderSM Income contract and this Certificate, Guaranteed Annual Income percentages were provided for different ages and for single and joint life options on different tables (“Tables”). The Current Table of Guaranteed Annual Income Percentages by Ages is shown below. A WAGAI percentage will be used to calculate the Guaranteed Annual Income. A WAGAI percentage will be calculated based on the portion of Purchase Payments, Automatic Annual Step-Ups and Excess Withdrawals that are allocated to each Table that was in effect when Purchase Payments were made. The percentage for each Table is determined according to this formula: (a) divided by (b) times (c); where (a)is the portion of the Income Base calculated on the basis of Purchase Payments made during the time the specific Table is in effect and adjusted by Automatic Annual Step-Ups and Excess Withdrawals;(b)is the total Income Base for all Tables;(c)is the applicable percentage for the age and measuring life option for that Table.The percentage for each applicable Table will be calculated according to the formula above. Then the percentages determined for each Table will be added together to determine the WAGAI percentage. The WAGAI percentage will be recalculated following the date of an additional Purchase Payment, Automatic Annual Step-Up or Excess Withdrawal. The Income Base allocated to each rate Table will be reduced by the same proportion that the Excess Withdrawal reduces the AAV. The following example demonstrates how the WAGAI is calculated if Purchase Payments are made while two different Tables are in effect:
Total Purchase Payment during Year 1 (Table 1 in effect)
$5,000
Automatic Step-Up of Income Base to market value on Benefit Year anniversary
$5,900
Total Purchase Payments during Year 2 (Table 2 in effect)
$5,000
Market loss so no Automatic Step-Up on Benefit Year anniversary
$10,900
The Annuitant is age 60 on the Guaranteed Annual Income Effective Date. The percentage rate for this Annuitant under Table 1 was 4% (single life). The percentage rate under Table 2 was 3.5%. According to the formula above, at the end of year 2 the percentage attributed to the first Table is ($5,900 / $10,900 x 4%) = 2.16%. The percentage attributed to the second Table is ($5,000 / $10,900 x 3.5%) = 1.61%. Adding the two rates together results in a WAGAI of 3.77%. This rate will be applied to the Total Income Base of $10,900 to produce a Guaranteed Annual Income amount of $410.93. Current Table of Guaranteed Annual Income Percentages by Ages
Age
Guaranteed
Annual Income amount
percentage (Single Life Option)
Guaranteed Annual Income
amount percentage
(Joint Life Option)
At Least 55 and under 65
4%
3.5%
65-70
5%
4.5%
71+
6%
5.5%
We may change the Table of Guaranteed Annual Income Percentages by Ages (“Table”) for future Purchase Payments. We will provide you with notice of any change to the Table. If the AAV is reduced to zero while receiving a Guaranteed Annual Income amount because of market performance, Guaranteed Withdrawal Benefit charges or the recordkeeping charge of 0.20% or less assessed by your IRA custodian, payments equal to the Guaranteed Annual Income amount will continue automatically for your life (and your spouse's life if applicable). The remaining Income Base is not available as a lump sum withdrawal. You will not be entitled to the Guaranteed Annual Income amount if the Income Base is reduced to zero as a result of an Excess Withdrawal. If the Income Base is reduced to zero due to an Excess Withdrawal the Guaranteed Withdrawal Benefit will terminate, and you will have no more rights or benefits under this Contract. Withdrawals equal to or less than the Guaranteed Annual Income amount will not reduce the Income Base. All withdrawals will decrease the AAV. The following example shows the calculation of the Guaranteed Annual Income amount and how withdrawals less than or equal to the Guaranteed Annual Income amount affect the Income Base and the AAV. The example assumes that the Annuitant is age 58 (4% Guaranteed Annual Income percentage for single life option) on the Guaranteed Annual Income Effective Date, the Guaranteed Annual Income Effective Date is on a Benefit Year anniversary, and the Income Base is $200,000:
AAV on the Guaranteed Annual Income Effective Date
$200,000
Income Base on the Guaranteed Annual Income Effective Date
$200,000
Initial Guaranteed Annual Income amount on the Guaranteed
Annual Income Effective Date ($200,000 x 4%)
$8,000
AAV six months after Guaranteed Annual Income Effective Date
$210,000
Income Base six months after Guaranteed Annual Income Effective
Date
$200,000
Withdrawal six months after Guaranteed Annual Income Effective
Date when Annuitant is still age 58
$8,000
AAV after withdrawal ($210,000 - $8,000)
$202,000
Income Base after withdrawal ($200,000 - $0)
$200,000
AAV on next Benefit Year anniversary
$205,000
Income Base on next Benefit Year anniversary
$205,000
Guaranteed Annual Income amount on next Benefit Year
anniversary
$8,200
The Automatic Annual Step-up was available on the first Benefit Year anniversary and increased the Income Base to the AAV of $205,000. The Guaranteed Annual Income amount also increased to $8,200 (4% x $205,000). Purchase Payments added to the Contract subsequent to the Guaranteed Annual Income Effective Date will increase the Guaranteed Annual Income amount by an amount equal to the WAGAI percentage multiplied by the amount of the subsequent Purchase Payment. For example, assuming an Annuitant is age 58 (single life option), if the Guaranteed Annual Income amount of $2,000 (4% of $50,000 Income Base) is in effect and an additional Purchase Payment of $10,000 is made (and the GAI rates had not changed), the new Guaranteed Annual Income amount that Benefit Year is $2,400 ($2,000 + 4% of $10,000). The Guaranteed Annual Income payment amount will be recalculated immediately after a Purchase Payment is made. Note that the Benefit Year does not change so all withdrawals during the Benefit Year, (withdrawals before and after the additional Purchase Payment), will count toward the Guaranteed Annual Income amount. Purchase Payments (other than Rollover Money) into the Contract cannot exceed $500,000 in a Benefit Year. Automatic Annual Step-ups will increase the Income Base and thus the Guaranteed Annual Income amount. The Guaranteed Annual Income amount, after the Income Base is adjusted by an Automatic Annual Step-up, will be equal to the adjusted Income Base multiplied by the applicable WAGAI percentage. Excess Withdrawals. Excess Withdrawals are the cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) that exceed the Guaranteed Annual Income amount at the time of the withdrawal, or are withdrawals made prior to the Guaranteed Annual Income Effective Date. Withdrawals for the Guaranteed Withdrawal Benefit charge and any recordkeeping charge of 0.20% or less assessed by your IRA custodian are not treated as Excess Withdrawals. When an Excess Withdrawal occurs: the Income Base is reduced by the same proportion that the Excess Withdrawal reduces the AAV. This means that the reduction in the Income Base could be more than the dollar amount of the withdrawal; andthe Guaranteed Annual Income amount will be recalculated to equal the applicable WAGAI percentage multiplied by the new (reduced) Income Base.We will provide to you quarterly statements that will include the Guaranteed Annual Income amount (as adjusted for Guaranteed Annual Income amount payments, Automatic Annual Step-ups, Excess Withdrawals and additional Purchase Payments) available for the Benefit Year, if applicable, in order to determine whether a withdrawal may be an Excess Withdrawal. Questions regarding Excess Withdrawals should be referred to the customer service number provided on the front page of this prospectus. The following example demonstrates the impact of an Excess Withdrawal on the Income Base, the Guaranteed Annual Income amount and the AAV. The Annuitant who is age 58 (single life option) makes a $12,000 withdrawal which causes a $12,915.19 reduction in the Income Base. If there are multiple GAI tables in effect, the Income Base allocated to each rate Table will be reduced by the same proportion that the Excess Withdrawal reduces the AAV. Prior to Excess Withdrawal: AAV = $60,000 Income Base = $85,000 Guaranteed Annual Income amount = $3,400 (4% of the Income Base of $85,000)
After a $12,000 Withdrawal, $3,400 is within the Guaranteed Annual Income amount, $8,600 is the Excess Withdrawal.
The AAV is reduced by the amount of the Guaranteed Annual Income amount of $3,400 and the Income Base is not reduced: AAV = $56,600 ($60,000 - $3,400) Income Base = $85,000 The AAV is also reduced by the $8,600 Excess Withdrawal and the Income Base is reduced by 15.19435%, the same proportion that the Excess Withdrawal reduced the $56,600 AAV ($8,600 ÷ $56,600) AAV = $48,000 ($56,600 - $8,600) Income Base = $72,084.81 ($85,000 x 15.19435% = $12,915.19; $85,000 - $12,915.19 = $72,084.81) On the following Benefit Year anniversary: AAV = $43,000 Income Base = $72,084.81 Guaranteed Annual Income amount = $2,883.39 (4% x $72,084.81 Income Base) In a declining market, Excess Withdrawals may significantly reduce the Income Base as well as the Guaranteed Annual Income amount. If the Income Base or AAV is reduced to zero due to an Excess Withdrawal the Guaranteed Withdrawal Benefit will terminate and you will have no more rights or benefits under this Contract. After the Guaranteed Annual Income Effective Date, withdrawals will be treated as within the Guaranteed Annual Income amount (even if they exceed the Guaranteed Annual Income amount) only if the withdrawals are taken as systematic monthly or quarterly installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9). In addition, in order for this exception for RMDs to apply, the following must occur: Lincoln's monthly or quarterly automatic withdrawal service is used to calculate and pay the RMD;The RMD calculation must be based only on the AAV in this Contract; andNo withdrawals other than RMDs are made within the Benefit Year (except as described in the next paragraph).If RMD withdrawals during a Benefit Year are less than the Guaranteed Annual Income amount, an additional amount up to the Guaranteed Annual Income amount may be withdrawn. If a withdrawal, other than an RMD is made during the Benefit Year, then all amounts withdrawn in excess of the greater of the Guaranteed Annual Income amount or RMDs, will be treated as Excess Withdrawals. Distributions from qualified contracts are generally taxed as ordinary income. See Federal Tax Matters for a discussion of the tax consequences of withdrawals. Death Prior to the Annuity Commencement Date. The Guaranteed Withdrawal Benefit has no provision for a payout of the Income Base upon death of the Annuitant. A Death Benefit may be paid to the Beneficiary if the conditions set forth below are met. Payment of a Death Benefit terminates the Guaranteed Withdrawal Benefit for you and your surviving spouse if applicable. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. Upon the death of the Annuitant prior to the Guaranteed Annual Income Effective Date or upon the Annuitant’s death with the single life option, the Guaranteed Withdrawal Benefit will end and no further Guaranteed Annual Income amounts are available (even if there was an Income Base in effect at the time of the death). A Death Benefit, as set forth below, may be available. Upon the first death under the joint life option, the lifetime payout of the Guaranteed Annual Income amount will continue for the life of the surviving spouse unless a Death Benefit is paid out if available. The Automatic Annual Step-up will continue if applicable as discussed above. Upon the death of the surviving spouse, the Guaranteed Withdrawal Benefit will end and no further Guaranteed Annual Income amounts are available (even if there was an Income Base in effect at the time of the death). A Death Benefit, as set forth below, may be available upon the second death. The Death Benefit is equal to the greater of: the current AAV as of the Valuation Date we approve the payment of the claim; orthe sum of all Purchase Payments into the AAV decreased by withdrawals. Excess Withdrawals reduce the sum of all Purchase Payments in the same proportion that Excess Withdrawals reduced the AAV. All other withdrawals reduce the sum of all Purchase Payments by the dollar amount of the withdrawal.The value of the Death Benefit will be determined as of the date on which the death claim is approved for payment. This payment will occur upon receipt of: proof, satisfactory to us, of the death;written authorization for payment; andour receipt of all required claim forms, fully completed.If the Death Benefit becomes payable upon the death of the Annuitant, the Beneficiary may elect to receive payment either in the form of a lump sum settlement or an Annuity Payout. Federal tax law requires that an annuity election be made no later than 60 days after we receive satisfactory notice of death as discussed previously. If a lump sum settlement is requested, the proceeds will be mailed within seven days of receipt of satisfactory claim documentation as discussed previously, subject to the laws and regulations governing payment of Death Benefits. This payment may be postponed as permitted by the 1940 Act. All Death Benefit payments will be subject to the laws and regulations governing Death Benefits. The tax code requires that any distribution be paid within five years of the death of the Annuitant unless the Beneficiary begins receiving, within one year of the Annuitant’s death, the distribution in the form of a life annuity or an annuity for a designated period not exceeding the Beneficiary's life expectancy. Termination. You may terminate the Contract, including the Guaranteed Withdrawal Benefit, by notifying us in writing and surrendering your Certificate. The Guaranteed Withdrawal Benefit will automatically terminate: on the Annuity Commencement Date; orupon the death of the Annuitant prior to the Guaranteed Annual Income Effective Date or under the single life option; orupon the death of the survivor under the joint life option; orwhen the Income Base or AAV is reduced to zero due to an Excess Withdrawal.The termination of the Guaranteed Withdrawal Benefit will not result in any increase in AAV equal to the Income Base. Upon effective termination of the Guaranteed Withdrawal Benefit, the benefits and charges provided by the Certificate will terminate and any AAV must be removed from this Contract.