Schwab OneSource Choice Variable Annuity
Schwab OneSource Choice Variable Annuity

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 variable annuity offering low costs, with no surrender charges9 and base annuity fees that are 26%-48% below the industry average.1

Questions about annuities? Contact an annuity specialist at 866-663-5241.

Key benefits

  • Create a personalized tax-deferred growth strategy.
  • Make adjustments as your needs change.
  • Guaranteed retirement income for life.
  • Protect money for loved ones, regardless of how the market performs with an optional death benefit.
  • Keep more of your money working, with costs 26%-48% lower than average.1

Schwab OneSource Choice Variable AnnuityTM is a variable annuity offered by Charles Schwab and issued by Great-West Financial. All annuity guarantees are subject to the terms and conditions of the contract and the financial strength and claims-paying ability of the insurer. Schwab does not provide any insurance guarantees.

Great-West Logo Great-West Logo Great-West Logo

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

  • Investment Segment

  • Income Segment

Income Segment: Guaranteed Annual Withdrawal Rates

Income Segment: Guaranteed Annual Withdrawal Rates
  • Single
  • Joint*
  • Withdrawal starting at age: 59.5 - 64
  • Single

    4.0%
  • Joint*

    3.5%
  • Withdrawal starting at age: 65 - 69 
  • Single

    5.1%
  • Joint*

    4.6%
  • Withdrawal starting at age: 70 - 79
  • Single

    5.5%
  • Joint*

    5.0%
  • Withdrawal starting at age: 80+
  • Single

    6.5%
  • Joint*

    6.0%

*If joint withdrawals are elected, the joint distribution percentage will be based on the younger person's age. The applicable withdrawal percentages are disclosed in the Rate Sheet Supplement in effect at the time the contract is purchased.


How does a Guaranteed Lifetime Withdrawal Benefit (GLWB) work?

Protect retirement income from market volatility with the GLWB that assures a base level of retirement income for life, subject to the terms and conditions of the contract and Great-West Financial’s claims-paying ability (Schwab does not provide any of the insurance guarantees).

You may choose from four investment options (Covered Funds5) that provide actively managed underlying funds or a passively managed fund, depending on your needs.

Your income can grow in up markets.

Key benefits Key benefits Key benefits

Key benefits

A. Lock in the base. You lock in a Benefit Base when you initially add money to the Income Segment.

B. Upside potential. If the value of the Income Segment is higher on any anniversary of your initial contribution, your Benefit Base is stepped up and locked in at the higher value.

C. Ongoing protection. Your Benefit Base equals your allocations to the Income Segment. It can continue to step up to the highest Income Segment value of any subsequent anniversary of your initial contribution, but never steps back down due to market performance.

D. Guaranteed lifetime retirement income. You can start taking guaranteed annual withdrawals at any time after age 59 1/2.* Your retirement income amount is determined by your age when you start taking withdrawals. Depending on your age and that of your spouse and whether you have elected a single or joint option, the withdrawal rate can range from 3.5% to 6.5% of your Benefit Base. Withdrawal amounts can increase if the value of your Income Segment rises and locks in a higher Benefit Base, but they won't decrease if your Income Segment fund's value falls.

Note: The Benefit Base is not the value of the Income Segment and is not available for withdrawal like a cash value. Your actual Income Segment value and death benefit will decrease with each withdrawal.

*Withdrawals prior to age 59½ may be subject to a 10% federal tax penalty.

 Annual withdrawals in excess of the guaranteed annual withdrawal amount could significantly and permanently reduce all future withdrawal amounts. Withdrawals prior to age 59½ will reduce the Benefit Base and future withdrawals.

Your income is protected in down markets.

Key benefits Key benefits Key benefits

Key benefits

A. Lock in the base. When you allocate funds to the Income Segment, your Benefit Base is established and locked against market downturns.

B. Downside protection. Because your Benefit Base locks in at the highest value your Income Segment reaches on any anniversary of your initial contribution, it is protected against market losses.

C. Guaranteed lifetime retirement income. When you begin taking guaranteed annual withdrawals, you can receive 3.5% to 6.5% of your locked-in Benefit Base for life (the guaranteed annual withdrawal rate will depend on your age and single or joint election)—even if market volatility, guaranteed annual withdrawals, and annuity fees reduce your Income Segment value to zero.

Note: The Benefit Base is not the value of the Income Segment and is not available for withdrawal like a cash value. Your actual Income Segment value and death benefit will decrease with each withdrawal.


Safeguard your money for your loved ones. Safeguard your money for your loved ones. Safeguard your money for your loved ones.

Protected Beneficiaries

The Schwab OneSource Choice Variable Annuity offers two death benefit options to protect your beneficiaries:

  • Option one: Your beneficiaries receive your account value, less any premium tax.
  • Option two (for an additional 0.20%): the guaranteed return of premium death benefit, your beneficiaries receive the greater of your current account value or the amount of your original investment (less withdrawals and premium taxes), regardless of how the market performs.

Costs and savings

Lower costs and fewer fees mean you can keep more of your money working for you. Over time, this can significantly enhance the growth potential of your annuity investment and help counteract the long-term effects of inflation. Minimum initial investment at Schwab is $100,000.

  • Keep more of your money working, with costs 26%-48% lower than the average for similar annuities.1
  • No surrender charges.

Source: 1.15% industry average according to a September 2, 2020 survey of 2,990 variable annuities. This does not include fees associated with the optional death benefits, GLWB, or underlying investment options. 

Costs and savings Costs and savings Costs and savings

Fees

Investment Segment fees
Income Segment fees

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