Lincoln Life Variable Annuity Account N

12/10/2021 | Press release | Distributed by Public on 12/10/2021 12:46

Post-Effective Amendment to Registration Statement by Investment Company (Form 485BPOS)

As filed with the Securities and Exchange Commission on December 10, 2021
1933 Act Registration No. 333-135039
1940 Act Registration No. 811-08517
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 49
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 864
Lincoln Life Variable Annuity Account N
(Exact Name of Registrant)
Lincoln ChoicePlusSM Design
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
(Name of Depositor)
1301 South Harrison Street
Post Office Box 1110
Fort Wayne, Indiana 46801
(Address of Depositor's Principal Executive Offices)
Depositor's Telephone Number, Including Area Code: (260) 455-2000
Craig T. Beazer, Esquire
The Lincoln National Life Insurance Company
150 North Radnor Chester Road
Radnor, PA 19087
(Name and Address of Agent for Service)
Copy to:
Carolyn E. Augur, Esquire
The Lincoln National Life Insurance Company
350 Church Street
Hartford, Connecticut 06103
Approximate Date of Proposed Public Offering: Continuous
It is proposed that this filing will become effective:
/X/ immediately upon filing pursuant to paragraph (b) of Rule 485
/ / on __________, pursuant to paragraph (b) of Rule 485
/ / 60 days after filing pursuant to paragraph (a)(1) of Rule 485
/ / on __________, pursuant to paragraph (a)(1) of Rule 485
Title of Securities being registered:
Interests in a separate account under individual flexible
payment deferred variable annuity contracts.







THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

Lincoln National Variable Annuity Account C
Multi-Fund®

Lincoln National Variable Annuity Account E
The American Legacy®

Lincoln National Variable Annuity Account H
American Legacy® II, American Legacy® III, American Legacy® III B Class
American Legacy® III C Share, American Legacy® III View, American Legacy® III Plus
American Legacy® Design, American Legacy® Series, American Legacy® Advisory
American Legacy® Fusion, American Legacy® Signature
American Legacy Shareholder's Advantage®, American Legacy Shareholder's Advantage® A Class

Lincoln Life Variable Annuity Account N
ChoicePlusSM Product Suite, ChoicePlusSM II Product Suite
ChoicePlus AssuranceSM A Share, ChoicePlus AssuranceSM B Share, ChoicePlus AssuranceSM C Share
ChoicePlus AssuranceSM L Share, ChoicePlus AssuranceSM Series, ChoicePlus AssuranceSM Prime
ChoicePlus AssuranceSM Bonus, ChoicePlusSM Design, ChoicePlusSM Rollover, ChoicePlusSM Signature
ChoicePlus AssuranceSM A Class, ChoicePlus AssuranceSM B Class
ChoicePlusSM Advisory, ChoicePlusSM Fusion,
InvestmentSolutionsSM RIA, InvestmentSolutionsSM

Prospectus Supplement dated December 10, 2021

This supplement to the prospectus for your individual variable annuity contract discusses an increase to the current annual charge rate for the Guaranteed Income Benefit ("GIB"). All other provisions in your prospectus remain unchanged. This supplement is for informational purposes and requires no action on your part.

If you previously elected one of the Guaranteed Income Benefit riders listed below, the current annual charge rate will increase beginning January 10, 2022. The fee increase will only be applicable if a certain event takes place as outlined in the table below.

•
Guaranteed Income Benefit (version 2)
•
Guaranteed Income Benefit (version 3)
•
Guaranteed Income Benefit (version 4)
•
Guaranteed Income Benefit (Managed Risk) (purchased prior to May 21, 2018)
•
Select Guaranteed Income Benefit
The following chart reflects the current annual charge rate for your rider following the event that causes a fee increase. These increased charge rates will be effective on or after January 10, 2022. The current annual charge rate for the Guaranteed Income Benefit is added to the i4LIFE® Advantage charge. The chart is added to the Charges, Fees and Deductions for Discontinued Living Benefit Riders section that is contained in an appendix to your prospectus.

Current annual charge rate on and after
January 10, 2022
The current annual charge rate will increase ….
Single Life Option
Joint Life Option
Guaranteed Income Benefit (version 2)
0.75%
0.75%
… upon the election of an additional step-up period.
Guaranteed Income Benefit (version 3)
0.95%
0.95%
… upon the election of an additional step-up period.
Guaranteed Income Benefit (version 4)
0.95%
1.15%
… upon the next automatic step-up of the GIB.
Guaranteed Income Benefit (Managed Risk) (purchased prior to May 21, 2018)
0.95%
1.15%
… upon the next automatic step-up of the GIB.
Select Guaranteed Income Benefit
1.10%
1.30%
… upon the next automatic step-up of the GIB.
If we automatically administer the step-up for Select Guaranteed Income Benefit, Guaranteed Income Benefit (Managed Risk and version 4) or step-up period election (versions 2 or 3) for you and your charge rate is increased, you may ask us to reverse the step-up or the step-up period election by giving us notice within 30 days after the date on which the step-up or the step-up period election occurred. If we receive notice of your request to reverse the step-up or step-up period election, on a going forward basis, we will decrease the charge rate to the charge rate in effect before the step-up or the step-up period election occurred. Any increased charges paid between the time of the step-up or step-up period election and the date we receive your notice to reverse the step-up will not be reimbursed. For version 2 and version 3, you will have no more step-ups unless you notify us that you wish to start a new step-up period (described in the i4LIFE®Advantage section of this prospectus). For Select Guaranteed Income Benefit and Guaranteed Income Benefit (Managed Risk and version 4), future step-ups will continue even after you decline a current step-up. We will provide you with written notice when a step-up has resulted in an increase to the current charge rate so that you may give us timely notice if you wish to reverse a step-up. You may contact us in writing or by telephone (if you have proper authorization for telephone transactions in place). See the Charges, Fees and Deductions for Discontinued Living Benefit Riders section that is contained in an appendix to your prospectus for complete details.
Please note that your contract may not offer every rider discussed in this supplement.This fee increase does not apply to any contracts sold in the state of New York. Complete details about these riders may be found in the prospectus.





Please keep this supplement for future reference.




PART A

The prospectus for the ChoicePlus Design variable annuity contract, as supplemented, is incorporated herein by reference to Post-Effective Amendment No. 48 (File No. 333-135039) filed on April 16, 2021.


PART B










Lincoln Life Variable Annuity Account N
PART C - OTHER INFORMATION
Item 27. Exhibits
(b) None
B-2
B-3
(h) Fund Participation Agreements and Amendments between The Lincoln National Life Insurance Company and:
B-4
(j) Rule 22c-2 Agreements between The Lincoln National Life Insurance Company and:
B-5
(l)(1) Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm filed herein.
(2) Power of Attorney - Principal Officers and Directors of The Lincoln National Life Insurance Company filed herein.
(m) Not applicable
(n) Not applicable
(o) Not applicable
Item 28. Directors and Officers of the Depositor
The following list contains the officers and directors of The Lincoln National Life Insurance Company who are engaged directly or indirectly in activities relating to Lincoln Life Variable Annuity Account N as well as the contracts. The list also shows The Lincoln National Life Insurance Company's executive officers.
Name Positions and Offices with Depositor
Craig T. Beazer* Executive Vice President, General Counsel, and Director
Ellen G. Cooper* Executive Vice President, Chief Investment Officer, and Director
Randal J. Freitag* Executive Vice President, Chief Financial Officer, Interim Chief Accounting Officer and Director
Dennis R. Glass* President and Director
Stephen B. Harris* Senior Vice President and Chief Ethics and Compliance Officer
Shantanu Mishra* Vice President and Treasurer
Keith J. Ryan** Vice President and Director
Nancy A. Smith* Senior Vice President and Secretary
Joseph D. Spada*** Vice President and Chief Compliance Officer for Separate Accounts
*Principal business address is Radnor Financial Center, 150 Radnor Chester Road, Radnor, PA 19087
B-6
**Principal business address is 1301 South Harrison Street, Fort Wayne, Indiana 46802
***Principal business address is 350 Church Street, Hartford, Connecticut 06096
Item 29. Persons Controlled by or Under Common Control with the Depositor or Registrant
Item 30. Indemnification
a) Brief description of indemnification provisions.
In general, Article VII of the By-Laws of The Lincoln National Life Insurance Company (Lincoln Life or Company) provides that Lincoln Life will indemnify certain persons against expenses, judgments and certain other specified costs incurred by any such person if he/she is made a party or is threatened to be made a party to a suit or proceeding because he/she was a director, officer, or employee of Lincoln Life, as long as he/she acted in good faith and in a manner he/she reasonably believed to be in the best interests of, or act opposed to the best interests of, Lincoln Life. Certain additional conditions apply to indemnification in criminal proceedings.
In particular, separate conditions govern indemnification of directors, officers, and employees of Lincoln Life in connection with suits by, or in the right of, Lincoln Life.
Please refer to Article VII of the By-Laws of Lincoln Life (Exhibit no. f(b) hereto) for the full text of the indemnification provisions. Indemnification is permitted by, and is subject to the requirements of, Indiana law.
b) Undertaking pursuant to Rule 484 of Regulation C under the Securities Act of 1933:
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in Item 28(a) above or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any such action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 31. Principal Underwriter
(a) Lincoln Financial Distributors, Inc. ("LFD") currently serves as Principal Underwriter for: Lincoln National Variable Annuity Account C; Lincoln National Flexible Premium Variable Life Account D; Lincoln National Variable Annuity Account E; Lincoln National Flexible Premium Variable Life Account F; Lincoln National Flexible Premium Variable Life Account G; Lincoln National Variable Annuity Account H; Lincoln Life & Annuity Variable Annuity Account H; Lincoln Life Flexible Premium Variable Life Account J; Lincoln Life Flexible Premium Variable Life Account K; Lincoln National Variable Annuity Account L; Lincoln Life & Annuity Variable Annuity Account L; Lincoln Life Flexible Premium Variable Life Account M; Lincoln Life & Annuity Flexible Premium Variable Life Account M; Lincoln Life Variable Annuity Account N; Lincoln New York Account N for Variable Annuities; Lincoln Life Variable Annuity Account Q; Lincoln Life Flexible Premium Variable Life Account R; LLANY Separate Account R for Flexible Premium Variable Life Insurance; Lincoln Life Flexible Premium Variable Life Account S; LLANY Separate Account S for Flexible Premium Variable Life Insurance; Lincoln Life Variable Annuity Account T; Lincoln Life Variable Annuity Account W; and Lincoln Life Flexible Premium Variable Life Account Y and Lincoln Life & Annuity Flexible Premium Variable Life Account Y; Lincoln Life Variable Annuity Account JF-H; Lincoln Life Variable Annuity Account JF-I; Lincoln Life Flexible Premium Variable Life Account JF-A; Lincoln Life Flexible Premium Variable Life Account JF-C; Lincoln Life Variable Annuity Account JL-A; Lincoln Life & Annuity Flexible Premium Variable Life Account JA-B; Lincoln Variable Insurance Products Trust; Lincoln Advisors Trust.
(b) Officers and Directors of Lincoln Financial Distributors, Inc.:
B-7
Name Positions and Offices with Underwriter
John C. Kennedy* President and Chief Executive Officer
Andrew J. Bucklee* Senior Vice President and Director
William A. Nash** Senior Vice President and Director
Shantanu Mishra* Vice President and Treasurer
MacGregor B. Maitland* Vice President and Chief Compliance Officer
Thomas P. O'Neill* Senior Vice President and Chief Operating Officer
Claire H. Hanna* Secretary
*Principal Business address is Radnor Financial Center, 150 Radnor Chester Road, Radnor, PA 19087
**Principal Business address is 3108 Rhett Butler Place, Charlotte, NC 28270
(c) N/A
Item 32. Location of Accounts and Records
This information is provided in the Registrant's most recent report on Form N-CEN.
Item 33. Management Services
Not Applicable.
Item 34. Fee Representation
Lincoln Life represents that the fees and charges deducted under the contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by Lincoln Life.

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 10th day of December, 2021, at 12:45 pm.

Lincoln National Variable Annuity Account C
Lincoln National Variable Annuity Account H
Lincoln National Variable Annuity Account E
Lincoln Life Variable Annuity Account N
(Registrants)
By:/s/ Delson R. Campbell
Delson R. Campbell
Vice President, The Lincoln National Life Insurance Company

Signed on its behalf, in the City of Greensboro, and the State of North Carolina on this 7th day of December, 2021, at 4:30 pm.

The Lincoln National Life Insurance Company
(Depositor)
By:/s/ Jason Mathews
Jason M. Mathews
(Signature-Officer of Depositor)
Vice President, The Lincoln National Life Insurance Company

Lincoln National Variable Annuity Account C (File No. 811-03214; CIK: 0000353894)

033-25990 (Amendment No. 64)

Lincoln National Variable Annuity Account E (File No. 811-04882; CIK: 0000804223)

033-26032 (Amendment No. 70)

Lincoln National Variable Annuity Account H (File No. 811-05721; CIK: 0000847552)

033-27783 (Amendment No. 69)
333-61592 (Amendment No. 69)
333-175888 (Amendment No. 22)
333-18419 (Amendment No. 72)
333-63505 (Amendment No. 78)
333-181615 (Amendment No. 33)
333-35780 (Amendment No. 54)
333-135219 (Amendment No. 51)
333-212681 (Amendment No. 15)
333-35784 (Amendment No. 67)
333-170695 (Amendment No. 43)

Lincoln Life Variable Annuity Account N (File No. 811-08517; CIK: 0001048606)

333-36304 (Amendment No. 78)
333-138190 (Amendment No. 60)
333-174367 (Amendment No. 28)
333-36316 (Amendment No. 88)
333-149434 (Amendment No. 34)
333-181612 (Amendment No. 31)
333-40937 (Amendment No. 82)
333-170529 (Amendment No. 34)
333-186894 (Amendment No. 33)
333-61554 (Amendment No. 82)
333-170897 (Amendment No. 33)
333-212680 (Amendment No. 16)
333-135039 (Amendment No. 49)
333-172328 (Amendment No. 37)
333-214143 (Amendment No. 19)

(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 December 10, 2021 at 12:45 pm.

Signature
Title
*/s/ Dennis R. Glass
Dennis R. Glass
President, Director, and Chairman
(Principal Executive Officer)
*/s/ Ellen Cooper
Ellen Cooper
Executive Vice President, Chief Investment Officer, and Director
* /s/ Randal J. Freitag
Randal J. Freitag
Executive Vice President, Chief Financial Officer, and Director
(Principal Financial Officer)
*/s/ Craig T. Beazer
Craig T. Beazer
Executive Vice President and Director
* /s/ Keith J. Ryan
Keith J. Ryan
Vice President and Director
* By /s/ Delson R. Campbell, Pursuant to a Power of Attorney
Delson R. Campbell


B-8