I read Pam's answer, however, there are 5 annuities. The one that my husband signs is now 10 yrs old. The rest are in my name originally with him as the beneficiary only. Most of the 4 are in 5th yr or close. There has not been any transfers unless changing into a Rev Trust counts as a transfer. Well, any ideas where I stand And what is the definition of a "penalty". Daisy1