Defined terms for the annuity market and lifetime income landscape.
A withdrawal fee is a charge imposed by an insurance carrier on amounts withdrawn from an annuity contract during the surrender period or in excess of the contractual free-withdrawal provision, with the most common form being the surrender charge imposed under the contract's declining surrender schedule, and with some contracts also imposing a separate transactional withdrawal fee on amounts taken above the free-withdrawal provision. Why it matters Withdrawal fees are the structur
