Retirement Income Choice® 1.6 and Retirement Income Max®
At Transamerica, we are committed to helping our customers save and retire with the income solutions they need today and in the future. Although economic conditions are not predictable, our customers rely on us to give them guaranteed, predictable income in all markets. We take pride in delivering on their expectations.
We believe at Transamerica that in the variable annuity living benefit business it is important to work with a company that has a life expectancy longer than the benefits they provide. Simply put, you have put your trust in a company that needs to be sustainable – regardless of economic conditions or outside influences which cause changes in the costs to provide those benefits. Market volatility, low interest rates, and influences on our industry, such as government regulations, have dramatically increased our cost to provide these valuable benefits.
The living benefits that your advisors and their clients have chosen and have come to rely on are not changing. However, the fees associated with those benefits of in-force contracts may experience a change to their current fee upon “automatic step-up” of the Retirement Income Choice® 1.6 or Retirement Income Max®.
Effective June 4, 2021, Transamerica will adjust our in-force Retirement Income Choice® 1.6 and Retirement Income Max® products to the current level pricing. The accompanying tables outline the original and new fees. Based on the version of the rider, time of purchase and current fund investment, some clients will see an increase, a reduction, or no change to their fee.
It’s important to note that these versions of the riders sold in New York are not impacted. Additionally, some clients will not see these fee changes right away. Retirement Income Choice® 1.6 fees are not eligible to change until the 5th rider anniversary and Retirement Income Max® fees are not eligible to change until the 1st rider anniversary.
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