04/23/2024 | Press release | Distributed by Public on 04/23/2024 12:39
Item
|
Page
|
Special Terms
|
3
|
Important Information You Should Consider About the Lincoln PathBuilderSMIncome Version 3 Variable Annuity Contract
|
5
|
Overview of the Contract
|
6
|
Fee Tables
|
8
|
Principal Risks
|
9
|
Charges and Other Deductions
|
12
|
The Contract
|
13
|
Benefits Available Under the Contract
|
14
|
Guaranteed Withdrawal Benefit
|
14
|
Surrenders and Withdrawals
|
20
|
Annuity Payouts
|
21
|
Federal Tax Matters
|
22
|
Voting Rights
|
26
|
Distribution of the Contracts
|
26
|
Return Privilege
|
27
|
State Regulation
|
27
|
Other Information
|
27
|
Legal Proceedings
|
28
|
Appendix A - Funds Available Under The Contract
|
A-1
|
|
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
|
0.65%1
|
0.65%1
|
Base Contract - Guaranteed Withdrawal
Benefit
|
0.90%2
|
2.00%2
|
Investment options (fund fees and
expenses)
|
0.60%1
|
0.77%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: $1,512
|
Highest Annual Cost: $3,682
|
|
|
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
|
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 is not appropriate for the
investor who needs ready access to cash.
•The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
•Withdrawals may be subject to ordinary income tax and/or tax penalties.
|
•Principal Risks
•Surrender and
Withdrawals
•Fee Tables
|
|
RISKS
|
Location in
Prospectus
|
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 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. 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
|
|
RESTRICTIONS
|
Location in
Prospectus
|
Investments
|
•We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
•You may be limited in the number of transfers between investment options per
Contract Year.
|
•Principal Risks
•Investments of
the Variable
Annuity
Account
|
|
TAXES
|
Location in
Prospectus
|
Tax Implications
|
•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 benefit under the Contract.
•Depending on the source of your Purchase Payments, 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.
|
•Federal Tax
Matters
|
|
CONFLICTS OF INTEREST
|
Location in
Prospectus
|
Investment
Professional
Compensation
|
•Financial professionals may receive compensation for selling this Contract, 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 investment
firms.
•This potential conflict of interest may influence a financial professional to
recommend this Contract over another investment for which the investment
professional is not compensated or compensated less.
|
•Distribution of
the Contracts
•Principal Risks
|
Exchanges
|
•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.
|
•N/A
|
There are nosales charges, deferred sales charges, or surrender charges associated with this Contract.
|
|
Base Contract Expense (as a percentage of average Account Value in the Subaccount)
|
|
|
Base Contract Expense
|
|
0.65%
|
|
|
|
Guaranteed Withdrawal Benefit1
|
|
|
Guaranteed Maximum Annual Charge
|
|
2.00%
|
Current Annual Charge
|
|
0.90%
|
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.
|
0.60
%
|
0.77
%
|
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
|
0.60
%
|
0.75
%
|
1 year
|
3 years
|
5 years
|
10 years
|
$3,432
|
$10,456
|
$17,700
|
$36,812
|
1 year
|
3 years
|
5 years
|
10 years
|
$3,432
|
$10,456
|
$17,700
|
$36,812
|
Base Contract Expense
|
0.65
%
|
StandardBenefits
|
|||
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.
|
|
Contract Value
|
Income Base
|
Initial Purchase Payment $50,000
|
$50,000
|
$50,000
|
Valuation Date immediately prior to 1stBenefit Year anniversary
|
$54,000
|
$54,000
|
Valuation Date immediately prior to 2ndBenefit Year anniversary
|
$53,900
|
$54,000
|
Valuation Date immediately prior to 3rdBenefit Year anniversary
|
$57,000
|
$57,000
|
Valuation Date immediately prior to 4thBenefit Year anniversary
|
$64,000
|
$64,000
|
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
%
|
Participant Account Value 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
|
Participant Account Value 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 Participant is still age 58
|
$8,000
|
Participant Account Value after withdrawal ($210,000 - $8,000)
|
$202,000
|
Income Base after withdrawal ($200,000 - $0)
|
$200,000
|
Participant Account Value 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
|
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
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
|
|
|
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
advised by Lincoln Financial Investments
Corporation
|
0.60%
|
11.80%
|
5.76%
|
4.50%
|
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
advised by Lincoln Financial Investments
Corporation
|
0.75%2
|
11.84%
|
4.56%
|
3.56%
|
Contents
|
Page
|
Special Terms
|
B-2
|
General Information and History
|
B-2
|
The Lincoln National Life Insurance Company
|
B-2
|
Variable Annuity Account (VAA)
|
B-2
|
Investment Results
|
B-3
|
Capital Markets
|
B-3
|
Advertising & Ratings
|
B-3
|
Non-Principal Risks of Investing In The
Contract
|
B-3
|
Contents
|
Page
|
Services
|
B-4
|
Purchase of Securities Being Offered
|
B-4
|
Principal Underwriter
|
B-4
|
Contract Information
|
B-4
|
Other Information
|
B-4
|
Determination of Accumulation and Annuity
Unit Value
|
B-5
|
Financial Statements
|
B-5
|
Name
|
Positions and Offices with Depositor
|
Craig T. Beazer*
|
Executive Vice President, General Counsel and Director
|
Jayson R. Bronchetti*
|
Executive Vice President, Chief Investment Officer and Director
|
Adam M. Cohen*
|
Senior Vice President, Chief Accounting Officer and Treasurer
|
Ellen G. Cooper*
|
President and Director
|
Stephen B. Harris*
|
Senior Vice President and Chief Ethics and Compliance Officer
|
Christopher M. Neczypor*
|
Executive Vice President, Chief Financial Officer and Director
|
Nancy A. Smith*
|
Senior Vice President and Secretary
|
Joseph D. Spada**
|
Vice President and Chief Compliance Officer for Separate Accounts
|
Eric B. Wilmer***
|
Assistant Vice President and Director
|
Name
|
Positions and Offices with Underwriter
|
Adam M. Cohen*
|
Senior Vice President and Treasurer
|
Jason M. Gibson**
|
Vice President and Chief Compliance Officer
|
Claire H. Hanna*
|
Secretary
|
John C. Kennedy*
|
President, Chief Executive Officer and Director
|
Jared M. Nepa*
|
Senior Vice President and Director
|
Thomas P. O'Neill*
|
Senior Vice President, Chief Operating Officer and Head of Financial
Institutions Group
|
Timothy J. Seifert Sr*
|
Senior Vice President and Director
|
SIGNATURES
(a) | As required by the Securities Act of 1933 and the Investment Company Act of 1940, each Registrant certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of these registration statements and has caused these Post-Effective Amendments to the registration statements to be signed on its behalf, in the City of Fort Wayne, and the State of Indiana on this 2nd day of April, 2024 at 9:40 am. |
Lincoln National Variable Annuity Account C
Lincoln National Variable Annuity Account L
Lincoln Life Variable Annuity Account Q
(Registrants) | By: | /s/ John D. Weber |
John D. Weber | ||
Vice President, The Lincoln National Life Insurance Company |
Signed on its behalf, in the City of Hartford, and the State of Connecticut on this 2nd day of April, 2024 at 11:47 am.
The Lincoln National Life Insurance Company
(Depositor)
By: | /s/ Matthew L. Condos | |
Matthew L. Condos | ||
(Signature-Officer of Depositor) | ||
Senior Vice President, The Lincoln National Life Insurance Company |
Lincoln National Variable Annuity Account C (File No. 811-03214; CIK: 0000353894)
033-25990 (Amendment No. 69) | 333-179107 (Amendment No. 18) | ||
333-112927 (Amendment No. 34) | 333-267957 (Amendment No. 4) |
Lincoln National Variable Annuity Account L (File No. 811-07645; CIK: 0001015434)
333-04999 (Amendment No. 39) | 333-187069 (Amendment No. 15) | 333-187070 (Amendment No. 15) |
333-187071 (Amendment No. 15) | 333-187072 (Amendment No. 15) | 333-198911 (Amendment No. 12) |
333-198912 (Amendment No. 12) | 333-198913 (Amendment No. 12) | 333-198914 (Amendment No. 12) |
Lincoln Life Variable Annuity Account Q (File No. 811-08569; CIK: 0001048604)
333-43373 (Amendment No. 35) |
(b) | As required by the Securities Act of 1933, these Amendments to the registration statements have been signed by the following persons in their capacities indicated on April 2, 2024 at 9:40 am. |
Signature | Title | ||
*/s/ Ellen G. Cooper | President and Director | ||
Ellen G. Cooper | (Principal Executive Officer) | ||
*/s/ Christopher M. Neczypor | Executive Vice President, Chief Financial Officer, and Director | ||
Christopher M. Neczypor | |||
* /s/ Craig T. Beazer | Executive Vice President and Director | ||
Craig T. Beazer | |||
* /s/ Jayson R. Bronchetti | Executive Vice President, Chief Investment Officer, and Director | ||
Jayson R. Bronchetti | |||
* /s/ Adam M. Cohen | Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | ||
Adam M. Cohen | |||
*/s/ Eric B. Wilmer | Assistant Vice President and Director | ||
Eric B. Wilmer | |||
* By | /s/ John D. Weber, Pursuant to a Power of Attorney | ||
John D. Weber |