Schwab OneSource Choice Variable Annuity™
Take charge of your retirement with more investment choices, guaranteed income, and protection for your beneficiaries. Schwab puts it all together in this flexible, low-cost annuity.
- Create a personalized tax-deferred growth strategy.
- Make adjustments as your needs change.
- Guarantee retirement income for life through annuitization or with an optional Guaranteed lifetime Withdrawal Benefit (GLWB).1
- Protect money for loved ones, regardless of how the market performs with an optional death benefit.
- Keep more of your money working, with costs 35-50% lower than average.2
NOTE: The GLWB is not a contract value and is not available for withdrawal like a cash value. The actual contract value and the death benefit of the Income Segment will decrease with each withdrawal.
Talk to us about annuities.
Visit a Schwab branch or call 888-311-4889 (option 2).
Find a Schwab Financial Consultant near you.
All annuity guarantees are subject to the financial strength and claims-paying ability of the insurer. Schwab does not provide any insurance guarantees.
Get the flexibility to meet changing needs.
The Schwab OneSource Choice Variable Annuity features a dual-segment design (Investment and Income), giving you the flexibility to shift your focus from investment growth to income protection as you approach retirement.³
- Allocate between segments as your needs change.³
The Investment Segment offers tax-deferred market growth potential with a choice of over 85 investment options from more than 30 fund companies in the Schwab OneSource® program.
You might put more of your money here if:
- You are well into your working years but still have 10 or more years until retirement.
- You are looking for a tax-deferred growth opportunity and you are more comfortable with risk.
The Income Segment continues to offer the potential for moderate investment growth through a balanced fund. Additionally, a Guaranteed Lifetime Withdrawal Benefit (GLWB) locks in any market gains and provides for a guaranteed base level of retirement income.
You might put more of your money here if:
- You are nearing or in retirement.
- You are looking for protection of your income from market volatility.
It’s important to note that the GLWB does not guarantee investment performance, is not a contract value, and is not available for withdrawal like a cash value. The actual contract value and the death benefit of the Income Segment will decrease with each withdrawal.
Get more information
Variable annuities are sold by prospectus only. You can request a prospectus by calling 888-311-4889 (option 2) or by visiting schwab.com/annuity. Before purchasing a variable annuity, you should carefully read the prospectus and consider the annuity’s investment objectives and all risks, charges, and expenses associated with the annuity and its investment options.
Important information: Variable annuities offer unique benefits and features that have associated costs, but they may be particularly useful in meeting long-term savings and retirement needs. Variable annuities have limitations and restrictions. Withdrawals taken before age 59 1/2 may be subject to a 10% federal income tax penalty in addition to applicable taxes. Withdrawals will permanently reduce your annuity value and the death benefit. The performance of the underlying investment options is not guaranteed and will fluctuate, and an investor’s units, when redeemed, may be worth more or less than the original amount invested.
1. The guaranteed lifetime withdrawal benefit (GLWB) is an optional rider available for an additional cost charged against the Covered Fund.
2. Base annuity fee of 0.65%, as compared to the industry average of 1.34% according to a February 29, 2016, Morningstar survey of 2,141 variable annuities. This fee does not include expenses associate with the guaranteed return premium death benefit, the optional guaranteed lifetime withdrawal benefit or underlying investment options. The guaranteed lifetime withdrawal benefit currently carries a fee of 1.00%, and the underlying investment option carries an additional fee known as an operating expense (OER). The Guaranteed Minimum (return-of-premium) Death Benefit carries an additional expense of 0.20%.
3. Money moved from the Investment to the Income Segment will incur the additional charges associated with the GLWB. Moving money from the Income Segment to the Investment Segment will result in a proportional reduction of your Benefit Base. You may also forfeit certain accrued benefits and be subject to repurchase restrictions.
4. Rebalancing does not protect against losses or guarantee that an investor’s goal will be met.
5. Subject to additional fees, terms and conditions.
6. Average based on net expenses as of May 1, 2016. The net expense ratio of an investment is after the application of any waivers or reimbursements, which may be voluntary or contractual and may expire. For further details, please see the prospectus.
7. The Guarantee Benefit Fee is currently 1.00% for single and joint life of the Covered fund Value annually, deducted quarterly, and may increase at any time up to a maximum of 1.50%. The Guarantee Benefit Fee is paid for through the sale of units of the Covered Fund, which reduces the annuity account value.
8. Based on expenses as of May 1, 2016.
The decision to purchase an annuity within a qualified plan or IRA should not be based on the annuity’s tax-deferred accrual feature, as this is already provided by the qualified plan or IRA itself.
GWFS Equities, Inc. is the principal underwriter for the Schwab Advisor Choice Variable Annuity™ (Form ICC14-J466/J466 Series), a flexible premium variable annuity contract issued by Great-West Life & Annuity Insurance Company (GWL&A). GWL&A is not authorized to transact the business of insurance in New York. This variable annuity contract is not available in all states. In New York, the Schwab Advisor Choice Variable Annuity (Form J466ny Series) is issued by Great-West Life & Annuity Insurance Company of New York (GWL&A of NY). GWFS Equities, Inc. is a wholly owned subsidiary of GWL&A and an affiliate of GWL&A of NY.
Guarantees are subject to the claims-paying ability of the insurer and do not apply to the separate account or the underlying investment options available with this contract.
Charles Schwab & Co., Inc. is the selling broker-dealer and insurance agency and is not affiliated with GWL&A, GWL&A of NY, or GWFS Equities, Inc. (collectively "Great-West Financial®"). The contract is sold exclusively by Charles Schwab & Co., Inc. ("Schwab") through its representatives. All individuals selling this product must be licensed insurance agents and registered representatives.
Great-West Financial® refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York (GWL&A of NY), Home Office: NY, NY; and their subsidiaries and affiliates. The trademarks, logos, service marks, and design elements used are owned by their respective owners and used by permission.