More information about the Vanguard Variable Annuity changes
On June 19th, 2019, Vanguard announced plans to transition client service and account administration for the Vanguard Variable Annuity to Transamerica. The transition is expected to be complete by December of 2020. The Vanguard Variable Annuity contracts will continue to be guaranteed by Transamerica Premier Life Insurance Company,1 the issuer of the annuity.
You do not need to take any action. After the transition, Transamerica will handle all servicing, communications, and account access for your annuity currently provided by Vanguard. Your annuity will remain invested in the same underlying Vanguard funds, which Vanguard will continue to manage. Vanguard will provide support for your annuity until the transition of administration responsibilities to Transamerica is complete.
Although insurance-based options can be an appropriate choice for some investors, annuity administration is not central to Vanguard's long-term product and service plans. We're deepening our focus on our core priorities: delivering industry-leading funds and ETFs, enhancing the client experience, and expanding our advice capabilities.
What to expect
- You do not need to take any action and there will be no changes while Vanguard continues to serve as the administrator for the Vanguard Variable Annuity.
- Vanguard will continue to offer the Vanguard Variable Insurance Funds, which are the underlying investments in the Vanguard Variable Annuity.
- We'll communicate additional details about the transition once we have more updates.
Impact to Vanguard Variable Annuity owners
What action do I need to take?
You do not need to take any action. Vanguard and Transamerica are committed to working together to ensure a smooth transition of the administration responsibilities.
How will this impact my existing Vanguard Variable Annuity account?
You will experience no change while Vanguard continues to serve as the administrator. After the administration responsibilities have been transitioned to Transamerica, they will handle all servicing, transactions, and account access for your annuity.
Will my Vanguard Variable Annuity contract be changing?
As an owner of a Vanguard Variable Annuity, you have a contract with Transamerica, which does not change as a result of this decision. All rights and provisions of your contract remain in place.
Will my investment options change?
Vanguard will continue to offer the Vanguard Variable Insurance Funds, which are the underlying investments in the Vanguard Variable Annuity.
What about account access and maintenance?
During the transition period you'll continue to have access to your account through vanguard.com, along with the ability to perform tasks like completing exchanges. You can also call Vanguard with questions. Following the transition, all client service, communications, and account access related to your Vanguard Variable Annuity will be handled by Transamerica.