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The Personal Retirement Planner Single Premium Immediate AnnuityTM is a product where the annuitant pays a lump sum, then immediately starts receiving fixed payments on the annuity for either a specified period of time or their lifetime.
This form may be used to request the following: One-Time Withdrawal - including Required Minimum Distributions (RMD). Systematic Withdrawal - including RMD. Full Withdrawal, also known as a surrender, which will terminate your annuity contract and all its features.
Example of an annuity surrender charge schedule Contract yearSurrender charge percentageSurrender charge for a $10,000 withdrawal 1 6% $600 2 5% $500 3 4% $400 4 3% $3003 more rows Jun 20, 2024
4 ways to get out of an annuity Pay the surrender charge. Most annuity companies allow you to cash out, or surrender, the contract for its current value, or withdraw a portion of the accumulated funds before income payments begin. Withdraw options. 1035 exchange. Sell a portion of your payments.
The nine-year surrender charge schedule is: year one, 8 percent; year two, 7.5 percent; year three, 7 percent; year four, 6 percent; year five, 5 percent; year six, 4 percent; year seven, 3 percent; year eight, 2 percent; year nine, 1 percent; and falling to 0 percent by the tenth year of the contract.
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The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value of the policy. Other names for this include the surrender cash value or, in the case of annuities, annuity surrender value.

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