Product Limitations Athene Performance Elite annuities are designed to help meet your long-term savings and retirement needs. They include a Withdrawal Charge period. If you withdraw more money than the free amount allowed by your contract, or if you surrender the annuity before the Withdrawal Charge period ends, a Withdrawal Charge, Market Value Adjustment and Premium Bonus Vesting Adjustment (if applicable) will be applied. These charges do not apply to free withdrawals, RMDs, payments made in settlement of your annuity’s Death Benefit or Confinement and Terminal Illness waivers. 1 For more information, see the Product Guide provided with this brochure.
Withdrawal Charge If you surrender your annuity or withdraw an amount that exceeds the Free Withdrawal amount during the Withdrawal Charge period, you will incur a Withdrawal Charge. In part, Withdrawal Charges allow the company to invest your money on a long-term basis, and generally offer higher rates than possible with a similar annuity of shorter term. For more information, see the Product Guide provided with this brochure. 1 Premium Bonus Vesting Adjustment Withdrawals or surrenders in excess of the Free Withdrawal amount will result in the loss of a portion of the Premium Bonus, if applicable. The Premium Bonus Vesting Adjustment is a percentage of the annuity’s Premium Bonus and any earnings on the Premium Bonus. It will not be applied in the event of the death of the Annuitant or to any Free Withdrawal amount, including those elected under the Confinement or Terminal Illness Waivers, if applicable. 2
Market Value Adjustment (MVA) A Market Value Adjustment applies to withdrawals in excess of the free withdrawal amount and full surrenders during the Withdrawal Charge period. If you take an excess withdrawal before the end of your Withdrawal Charge period, an MVA will be applied to that excess withdrawal. If interest rates in the market are higher than when you purchased your annuity, the MVA is negative, meaning an additional amount is deducted from your contract value. The MVA may increase or decrease the amount of the Withdrawal or Cash Surrender Value of your Contract depending on the change in interest rates. If interest rates have increased, stayed the same or decreased by less than 0.25%, the MVA will be negative. If interest rates have decreased by more than 0.25%, the MVA will be positive. MVA is not applicable in all states. 3
1 Withdrawals and surrender may be subject to federal and state income tax and, except under certain circumstances, will be subject to an IRS penalty if taken prior to age 59½. Withdrawals are not credited with index interest in the year they are taken. Withdrawals in excess of the free amount are subject to a Withdrawal Charge, MVA and any Premium Bonus Vesting Adjustment which may result in the loss of principal if taken while Withdrawal Charges apply. 2 Premium Bonus not available on Performance Elite 7. 3 For more information, please see Certificate of Disclosure or Form 17653, Understanding the MVA.
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