There are other annuity platform providers online. All rights and provisions of your contract will remain in place. VVAP U 1101 (FL), in Oregon, Form No. The income annuities (immediate and deferred income) were underwritten by a handful of insurers and offered on a third party platform. On June 19, 2019, Vanguard announced plans to transition client service and account administration for the Vanguard Variable Annuity to Transamerica1. Join or renew your AARP membership today for money-saving discounts The Blueprint Income platform also has simple fixed annuity products, which were not available from Vanguard. How do I access my account and perform transactions or maintenance?You can continue to access your account through vanguard.com or by calling Vanguard at 800-662-2739 through the close of business on Friday, December 4. It shares features with fixed deferred interest rate annuities; however, with an index annuity, the annual growth is bench-marked to a stock market index (e.g., Nasdaq, NYSE, S&P500) rather than an … Driving that growth, however, has been mostly indexed annuities and fixed annuities (also known as fixed rate annuities or Multi Year Guaranteed Annuities), neither of which Vanguard offered. I’m an entrepreneur with a passion for retirement. FIA contracts vary, but this is how they work. Transamerica has also historically endeavored to maintain consistent fees and isn't planning to make any changes to the current M&E or administrative fees. The Vanguard Group is well-known for providing low-cost investment options to investors. The Blueprint Income platform also has simple fixed annuity products, which were not available from Vanguard. For the Vanguard Variable Annuity program, the average expense ratio is 0.54%, which is far less than the industry average of 2.24%, and actual fees for specific annuity choices range from 0.44% to 0.73%. The company noted in its press release, however, that it will support those actively engaged in the process of buying an income annuity for a short period of time. I am an alumnus of the MBA program at the Wharton School and hold a BA from the University of Pennsylvania. You won't experience any changes while Vanguard serves as the administrator. It’s also surprising because most large retail financial services providers, like Charles Schwab and Fidelity, continue to provide access to annuities. Vanguard annuities have some advantages over annuities offered by rivals, but they still aren't necessarily appropriate for everyone. After this date, Transamerica will assume this responsibility. With income annuities, you can choose payments that are guaranteed to last as long as you live, even if you live well beyond your projected life expectancy. Do I need to take any action? More information about the Vanguard Variable Annuity changes. The Vanguard solution for income annuities provided preferentially priced annuities, so payouts for the end consumer were typically higher than those available from a traditional offline agent. I believe in the power of technology to make products better and retirement simpler. You can also choose among single-premium immediate annuities, deferred income annuities, or so-called longevity insurance annuities that don't start paying out until well into your retirement years. The shift encompasses both variable annuities and income annuities. I’m an entrepreneur with a passion for retirement. Vanguard’s move is complicated from a strategic perspective, but does come at a bit of a surprising time. Vanguard is a great choice for those looking for deferred variable annuities with low fees. There are other annuity platform providers online. Driving that growth, however, has been mostly indexed annuities and fixed annuities (also known as fixed rate annuities or Multi Year Guaranteed Annuities), neither of which Vanguard …