Variable Annuity Surrender Charges
A "surrender charge" is a type of sales charge you must pay if you sell or withdraw money from a variable annuity during the "surrender period"-a set period of time that typically lasts six to eight years after you purchase the annuity. Surrender charges will reduce the value of-and the return on-your investment.
For more information about surrender charges and other expenses associated with variable annuities, please read our publication, Variable Annuities: What You Should Know.
http://www.sec.gov/answers/annuitysurrender.htm