Lincoln Life Variable Annuity Account Q

04/28/2025 | Press release | Distributed by Public on 04/28/2025 09:39

Summary Prospectus for New Investors by Investment Company (Form 497VPI)

Multi-Fund® Group Variable Annuity Contracts 
Lincoln Life Variable Annuity Account Q 
Summary Prospectus for New Investors
May 1, 2025
This summary prospectus summarizes key features of the Multi-Fund® Group Variable Annuity Contracts variable annuity contract, issued by The Lincoln National Life Insurance Company (Lincoln Life or Company).
Before you invest, you should also review the prospectus for the Multi-Fund® Group Variable Annuity Contracts variable annuity contract, which contains more information about the Contract's features, benefits, and risks. You can find this prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-800-341-0441 or by sending an email request to [email protected].
YOU MAY CANCEL YOUR CONTRACT WITHIN THE FREE LOOK PERIOD WITHOUT PAYING FEES OR PENALTIES.
If you are a new investor in the Contract, you may cancel your Contract within ten days of receiving it without paying fees or penalties. In some states, this "free look" or cancellation period may be longer if you are replacing an existing Contract. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review the prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
The Securities and Exchange Commission has not approved or disapproved the Contract or determined if this Summary Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.
All prospectuses and other shareholder reports, will be made available on www.lfg.com/VAprospectus. This prospectus gives you information about the Contract that you should know before you decide to buy a Contract and make a Purchase Payment. You should also review the prospectus for the funds and keep all prospectuses for future reference.
1
Table of Contents 
Item
Page
Special Terms
3
Important Information You Should Consider About the Contract
4
Overview of the Contract
6
Purpose of the Contract
6
Phases of the Contract
6
Primary Features and Options of the Contract
6
Benefits Available Under the Contract
7
Buying the Contract
8
Making Withdrawals: Accessing the Money in Your Contract
8
Additional Information About Fees
10
Fee Tables
10
Appendix A - Funds Available Under The Contract
A-1
2
Special Terms
In this initial summary prospectus, the following terms have the indicated meanings:
Account Value-At a given time before the Annuity Commencement Date, the value of all Accumulation Units for a contract plus the value of the fixed side of the contract.
Annuitant-The person upon whose life the annuity benefit payments are based, and upon whose death a Death Benefit may be paid.
Contract-The variable annuity contract between the Plan and The Lincoln National Life Insurance Company (Lincoln Life or Company).
Contractowner-The party named on the group annuity contract (for example, an employer, a retirement plan trust, an association, or other entity allowed by law).
Contract Year-Each 12-month period starting with the effective date of the Contract and starting with each contract anniversary after that.
Death Benefit-Before the Annuity Commencement Date, the amount payable to your designated Beneficiary if a Participant under a 403(b) plan not subject to ERISA dies.
Good Order-The actual receipt at our Home Office of the requested transaction in writing or by other means we accept, along with all information and supporting legal documentation necessary to complete the transaction. The forms we provide
will identify the necessary documentation. We may, in our sole discretion, determine whether any particular transaction request is in Good Order, and we reserve the right to change or waive any Good Order requirements at any time.
Lincoln Life (we, us, our, Company)-The Lincoln National Life Insurance Company.
Net Contributions-The sum of all contributions credited to the Participant's Account Value less any amounts paid when a withdrawal occurs and less any outstanding loan balance.
Participant-A person defined as a participant in the plan, who has enrolled under a contract, and under an allocated group contract, on whose behalf Lincoln Life maintains an account.
Participant Year-A 12-month period starting with the date we receive the first contribution on behalf of a Participant and on each anniversary after that.
Plan-The retirement program that an employer offers to its employees for which a contract is used to accumulate funds.
Subaccount-The portion of the VAA that reflects investments in Accumulation and Annuity Units of a class of a particular fund available under the contracts. There is a separate Subaccount which corresponds to each class of a fund.
3
Important Information You Should Consider About the Contract 
FEES AND EXPENSES
Location in
Prospectus
Charges for Early
Withdrawals
A surrender charge may apply to any withdrawals made before the 10th anniversary of
up to 6% of the amount withdrawn, declining to 0% over that time period. For example,
if you make a withdrawal of $100,000 during the first two years after your purchase
payment, you could be assessed a charge of up to $6,000 on the purchase payment
withdrawn. If your withdrawal is made after the 10th anniversary, you will incur no
surrender charge.
●Fee Tables
●Examples
●Charges and
Other
Deductions -
Surrender
Charge
Transaction
Charges
If you participate in a tax deferred retirement plan that allows participant loans, you may
be eligible to take a loan against your Contract Value. Depending on your state of
residence, a one-time fee of up to $35 may be charged to set up and process a loan and
the outstanding amount of the loan is subject to loan interest and a loan maintenance
fee. The loan maintenance fee is an annual rate of up to 3.00%.
●Fee Tables
●Charges and
Other
Deductions
Ongoing Fees and
Expenses (annual
charges)
Minimum and Maximum Annual Fee Table. The table below describes the fees and
expenses that you may pay each year, depending on the options you choose. Please
refer to your contract specifications page for information about the specific fees you will
pay each year based on the options you have elected.
●Fee Tables
●Examples
●Charges and
Other
Deductions
Annual Fee
Minimum
Maximum
Base Contract
0.60%1
1.009%1
Investment options (fund fees and
expenses)
0.23%2
1.32%2
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
N/A
N/A
1 As a percentage of average daily net assets in the Subaccounts.
2 As a percentage of fund net assets.
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract, which could add surrender charges that substantially
increase costs.
Lowest Annual Cost: $1,225
Highest Annual Cost: $2,676
Assumes:
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No optional benefits
●No surrender charges
●No additional purchase payments,
transfers, or withdrawals
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits and fund fees and
expenses
●No surrender charges
●No additional purchase payments,
transfers, or withdrawals
4
RISKS
Location in
Prospectus
Risk of Loss
●You can lose money by investing in this Contract, including loss of principal.
●Principal Risks
●Variable
Annuity
Account
●Investments of
the Variable
Annuity
Account
Not a Short-Term
Investment
●This Contract is not designed for short-term investing and is not appropriate for an
investor who needs ready access to cash.
●Withdrawals may result in surrender charges. If you take a withdrawal, any surrender
charges will reduce the value of your Contract or the amount of money that you
actually receive.
●The benefits of tax deferral and long-term income also mean the Contract is more
beneficial to investors with a long-term investment horizon.
●Withdrawals are subject to ordinary income tax and may be subject to tax penalties.
●Principal Risks
●Surrenders and
Withdrawals
●Fee Tables
Risks Associated
with Investment
Options
●An investment in this Contract is subject to the risk of poor investment performance
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
●Each investment option (including the fixed account option) has its own unique risks.
●You should review the investment options before making an investment decision.
●Principal Risks
●Variable
Annuity
Account
●Investments in
the Variable
Annuity
Insurance
Company Risks
●An investment in the Contract is subject to the risks related to us, Lincoln Life. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
Life, including our financial strength ratings, is available upon request by calling 1-
800-454-6265 or visiting www.LincolnFinancial.com.
●Principal Risks
RESTRICTIONS
Location in
Prospectus
Investments
●The frequency of transfers between investment options is restricted. There are also
restrictions on the minimum amount that may be transferred from a variable option
and the maximum amount that may be transferred from the fixed account option.
●We reserve the right to remove or substitute the funds that are available as
investment options under the Contract.
●Principal Risks
Optional Benefits
●N/A
●N/A
TAXES
Location in
Prospectus
Tax Implications
●Consult with a tax professional to determine the tax implications of an investment in
and payments received under this Contract.
●If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
●Earnings on your Contract are taxed at ordinary income tax rates when you withdraw
them, and you may have to pay a penalty if you take a withdrawal before age 59½.
●Federal Tax
Matters
5
CONFLICTS OF INTEREST
Location in
Prospectus
Investment
Professional
Compensation
●Your registered representative may receive compensation for selling this Contract to
you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-
cash compensation. We may share the revenue we earn on this Contract with your
investment professional's firm.
●This potential conflict of interest may influence your registered representative to
recommend this Contract over another investment for which the investment
professional is not compensated or compensated less.
●Distribution of
the Contracts
●Principal Risks
Exchanges
●If you already own a contract, some investment professionals may have a financial
incentive to offer you a new Contract in place of the one you own. You should only
exchange a contract you already own if you determine, after comparing the features,
fees, and risks of both contracts, that it is better for you to purchase the new
Contract rather than continue to own your existing contract.
●Replacement
of Existing
Insurance
Overview of the Contract
Purpose of the Contract
The Multi-Fund® Group variable annuity contract is designed for you to accumulate assets through investments in a variety of investment options during the accumulation phase. Then, during the annuity phase, the Contract is designed to supplement your retirement income by providing a stream of income payments. The Contract also offers a Death Benefit to protect your designated Beneficiaries.
This Contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to make early or frequent withdrawals or intend to engage in frequent trading in the Subaccounts.
Phases of the Contract
The Contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity phase (for income).
Accumulation (Savings) Phase. To help you accumulate assets during the accumulation phase, you can invest your payments and earnings in:
●
The variable options available under the Contract, each of which has an underlying mutual fund with its own investment objective, strategies, and risks; investment adviser(s); expense ratio; and performance history; and
●
A fixed account option, which guarantees principal and a minimum interest rate.
A list of the funds under the Contract is provided in Appendix A: Funds Available Under the Contract.
Annuity (Income) Phase. You can end the accumulation phase and enter the annuity phase by electing to annuitize your Contract, turning your Contract Value into a stream of income payments from us (sometimes called annuity payments). These payments may continue for life, a guaranteed period of years, or the longer of life or a guaranteed period of years. The payments may be fixed or variable. Variable payments will vary based on the performance of the investment options you select.
In general, if you elect to annuitize, your investments will be converted to annuity payments. You will no longer be able to withdraw money from your Contract and there won't be a Death Benefit. However, please note:
●
Certain annuity payout options make an amount payable upon death.
Primary Features and Options of the Contract
The tax treatment of your Contract will also impact your Contract's features, such as fees and expenses and applicable benefits.
Accessing Your Money. Before you annuitize, you can withdraw money from your Contract at any time. If you take a withdrawal, you may have to pay a surrender charge and/or income taxes, including a tax penalty if you are younger than age 59½.
Tax Treatment. You can transfer money between investment options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only upon: (1) making a withdrawal; (2) receiving a payment from us; or (3) payment of a Death Benefit.
Death Benefits. In general, the Contract includes a standard Death Benefit that will pay your designated Beneficiaries the Contract Value at the time of your death (or for periodic premium contracts, total Purchase Payments, less any withdrawals and outstanding loan balance, if greater).
Additional Services. The additional services listed below are available under the Contract for no additional charge (unless otherwise indicated).
6
●
Dollar-Cost Averaging. Allows you to automatically transfer money between certain investment options on a monthly basis.
●
Portfolio Rebalancing. Allows you to automatically reallocate your money among investment options on a periodic basis based on your instructions.
●
Automatic Withdrawal Service. Allows you to automatically take periodic withdrawals from your Contract.
●
Cross-Reinvestment. When the amount invested in an investment option exceeds a certain amount, this service automatically transfers the excess amount to another investment option.
●
Loans. If you participate in a retirement plan that allows participant loans and the additional loan set-up fee under the Contract is permitted by law, you may be able to take a loan against your Contract.
●
Systemic Transfer Service. The systemic transfer service allows you to fully liquidate your fixed account balance over five years and transfer the amounts into one or more of the Subaccounts.
Benefits Available Under the Contract
The following tables summarize information about the benefits available under the Contract. A detailed description of each benefit is available in the prospectus.  
Standard Benefits
Name of Benefit
Purpose
Maximum Fee
Brief Description of Restrictions /
Limitations
Dollar-Cost Averaging
Allows you to automatically transfer a
designated amount from certain
Subaccount, or the fixed side of the
contract, into one or more Subaccounts on a
monthly basis for 1, 2 or 3 years.
None
●Minimum amount to be dollar cost
averaged is $10,000 for 1 year, and
$25,000 for 2 years and 3 years.
●Different time periods may be offered for
new Purchase Payments and for
transfers of Contract Value.
●State variations may exist.
Automatic Withdrawal
Service
Allows you to take periodic withdrawals
from your Contract automatically.
None
●Automatic withdrawal service/systemic
withdrawal option.
Systemic Transfer
Service
Allows you to fully liquidate your fixed
account balance over five years and
automatically transfer to one or more of the
Subaccounts.
None
●A distribution or a nonscheduled transfer
from the fixed account may cancel the
systematic transfer program
prematurely.
●The program will be canceled
prematurely if the fixed account balance
falls to $0.
Cross-Reinvestment
Service
When the amount invested in an investment
option exceeds a baseline amount, allows
you to automatically transfer the excess
amount to another investment option.
None
●Cannot be used simultaneously with
dollar cost averaging or portfolio
rebalancing.
●Not available for new participants.
Portfolio Rebalancing
Allows you to automatically reallocate your
Contract Value among investment options
on a periodic basis based on your standing
allocation instructions.
None
●Rebalancing my take place quarterly,
semi-annually or annually.
 
7
Optional Benefits - Available for Election
Name of Benefit
Purpose
Maximum Fee
Brief Description of Restrictions /
Limitations
Loans
You may be eligible to take a loan against
your Contract Value.
●One-time fee of up
to $35 to set up and
process loan.
●Annual loan
maintenance fee of
up to 3.00% (as a
percentage of loan
amount).
●Only available to Participants in a tax
deferred retirement plan that allows
Participant loans.
●Loans are subject to a variety of
limitations, including restrictions as to
the loan amount, the loan's duration, the
rate of interest, and the manner of
repayment.
●Loan collateral does not participate in the
investment experience of the Sub-
Accounts, which can impact the Contract
Value and Death Benefit, even if the loan
is repaid in full.
Buying the Contract
A prospective Contractowner wishing to purchase a Contract must apply for it through one of our authorized registered representatives. The completed application is sent to us and we decide whether we can accept it based on our underwriting guidelines. Once the application is accepted, a Contract is prepared and executed by our legally authorized officers. The Contract is then sent to the Contractowner either directly or through its registered representative. For 403(b) plans that have allocated rights to the Participant, we will issue to each Participant a separate active life certificate that describes the basic provisions of the contract.
Purchase Payments - Investing in the Contract
When we receive a complete enrollment form and all other information necessary for processing a contribution, we will price the initial contribution for a Participant to his or her account no later than two business days after we receive the contribution. If we receive contribution amounts with incomplete or no allocation instructions, we will notify the Contractowner and direct contribution amounts to the pending allocation account. The pending allocation account invests in LVIP Government Money Market Fund. We do not impose the annual administration charge on the pending allocation account.
We will transfer the Account Value from the pending allocation account in accordance with allocation percentages elected on properly completed allocation instructions within two Valuation Dates of receipt of such instructions, and allocate all future contributions in accordance with these percentages until we are notified of a change. If we do not receive properly completed instructions after we have sent three monthly notices, we will refund Account Value in the pending allocation account within 105 days of the initial contribution.
Participants may not allocate contributions to, make transfer to or from, take loans from, or make withdrawals from the pending allocation account, except as set forth in the Contract.
Making Withdrawals: Accessing the Money in Your Contract
Before the Annuity Commencement Date - During the Accumulation (Savings) Phase
You can access the money in your Contract by making a withdrawal, which will reduce the value of your Contract. You may withdraw all or a portion of the Contract Value (minus applicable charges and other adjustments, discussed below). However, withdrawing the entire cash value of your Contract will terminate your Contract.
Before the Annuity Commencement Date, you can completely surrender the Contract or withdraw part of the Contract Value upon your written request on an approved Lincoln distribution request form (available from the Home Office), fax, or other electronic means. Withdrawal requests may also be made by telephone or our website, subject to certain restrictions. All surrenders and withdrawals must be made in accordance with the rules discussed in the prospectus. The amount available upon surrender or withdrawal is the Contract Value less any applicable charges, fees, and taxes at the end of the Valuation Period during which the written request for surrender or withdrawal is received in Good Order at the Home Office.
If we receive a surrender or withdrawal request in Good Order at our Home Office before the close of regular trading on the New York Stock Exchange (normally 4:00 p.m., New York time), we will process the request using the Accumulation Unit value computed on that Valuation Date. If we receive a surrender or withdrawal request in Good Order at our Home Office after New York Stock Exchange regular market close, we will process the request using the Accumulation Unit value computed on the next Valuation Date.
8
Withdrawals of Account Value under the contract for any one of the following reasons (benefit responsive withdrawals) may be made at any time and in any amount, and are not subject to a surrender charge:
●
to make a payment due to the Participant's death, disability, retirement, or termination of employment, excluding termination of employment due to plan termination, plant shutdown, or any other program instituted by the Participant's employer which would reduce the work force by more than 20%;
●
to make a payment for a participant hardship situation as permitted by the plan;
●
to make a payment pursuant to a Qualified Domestic Relations Order (QDRO); or
●
to purchase an annuity option under the contract.
Withdrawals of Account Value that are not benefit responsive withdrawals are generally subject to a surrender charge in accordance with the terms of the contract. In addition, full liquidation of the fixed account may be requested over a 5-year period.
There are charges associated with withdrawal of Account Value during the first ten years. Additionally, there are tax consequences for surrenders and withdrawals.
The Contract will terminate when there is no Account Value remaining.
There are limitations associated with taking money out of the Contract, including the following:  
Limitations on withdrawal amounts
●The minimum withdrawal amount is $300.
Surrender charges and taxes
●There may be surrender charges and tax implications
when you take out money.
Negative impact on benefits and guarantees of your
Contract
●A withdrawal may have a negative impact on certain
optional benefits that you may elect. It may reduce the
value of or even terminate certain benefits.
Internal Revenue Code or Retirement Plan
●Depending on the circumstances, the Internal Revenue
Code or your retirement plan may restrict your ability
to take withdrawals.
 
After the Annuity Commencement Date - During the Annuity Income Phase
After the Annuity Commencement Date, you will receive payments under the annuity payment option you select, but generally you may not take any other withdrawals or surrender your Contract. Surrender or withdrawal rights after the Annuity Commencement Date, if any, depend on the Annuity Payout option selected.
9
Additional Information About Fees
Fee Tables
The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract Specifications page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that Contractowners or Participants will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract Value between investment options, and/or the fixed account. State premium taxes may also be deducted.
  TRANSACTION EXPENSES
  
Loan Establishment Fee per loan (where allowed by law)1
$35
Surrender Charge (as a percentage of Account Value surrendered/withdrawn)2
6.00%
1
We may reduce or waive these charges in certain situations. See Charges and Other Deductions.
2
The surrender charge is reduced over time. The later the redemption occurs, the lower the surrender charge with respect to that surrender or withdrawal. We may
reduce or waive this charge in certain situations. See Charges and Other Deductions - Surrender Charge. 
The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including fund fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.
  ANNUAL CONTRACT EXPENSES
  
Annual Administrative Charge (Account Fee):
$25
Base Contract Expenses (as a percentage of average Account Value in the Subaccounts):
"Standard" mortality and expense risk charge
1.002%
"1st Breakpoint" mortality and expense risk charge1
0.75%
"2nd Breakpoint" mortality and expense risk charge1
0.55%
Loan Maintenance Fee (as a percentage of amount of loans)
Up to 3.00%
1
Only certain contracts or plan are eligible for breakpoint coverage. 
The next item shows the minimum and maximum total annual operating expenses charged by the funds that you may pay periodically during the time that you own the Contract. A complete list of funds available under the Contract, including their annual expenses, may be found in Appendix A: Funds Available Under the Contract. 
Annual Fund Expenses
Minimum
Maximum
Expenses that are deducted from the fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses before any waivers or expense reimbursements
0.23
%
1.32
%
Total Annual Fund Operating Expenses (after contractual waivers/
reimbursements*)1
0.23
%
1.16
%
1
Any expense waivers or reimbursements will remain in effect until at least April 30, 2026, and can only be terminated early with approval by the fund's board of directors.
10
EXAMPLES
The following Example is intended to help Contractowners or Participants compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include Contractowner/Participant transaction expenses, contract fees, separate account annual expenses, and fund fees and expenses.
The Example assumes that Contractowners or Participants invest $100,000 in the contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year, the maximum fees and expenses of any of the funds. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
1) If you surrender your Contract at the end of the applicable period: 
1 year
3 years
5 years
10 years
Standard
$8,531
$13,796
$18,205
$26,760
Breakpoint
$8,295
$13,087
$17,008
$24,208
2) If you do not surrender your Contract at the end of the applicable time period: 
1 year
3 years
5 years
10 years
Standard
$2,371
$7,304
$12,503
$26,760
Breakpoint
$2,120
$6,548
$11,237
$24,208
The expense tables reflect expenses of the VAA as well as the maximum expense of any of the underlying funds. For more information - See Charges and Other Deductions in this prospectus and in the prospectuses for the funds. Premium taxes may also apply, although they do not appear in the examples. These examples should not be considered a representation of past or future expenses. Actual expenses may be more or less than those shown.
11
Appendix A - Funds Available Under The Contract
The following is a list of funds currently available under the Contract. Depending on the optional benefits you choose, you may not be able to invest in certain funds. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-341-0441 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund's past performance is not necessarily an indication of future performance. 
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term growth of capital.
AB VPS Sustainable Global Thematic
Portfolio - Class B
advised by AllianceBernstein L.P.
1.16%2
5.96%
8.77%
9.45%
Long-term growth of capital.
American Funds® IS Global Growth
Fund - Class 2
advised by Capital Research and
Management Company
0.66%2
13.68%
9.76%
10.74%
Growth of capital.
American Funds® IS Growth Fund -
Class 2
advised by Capital Research and
Management Company
0.59%
31.61%
18.83%
16.58%
Long-term growth of capital and income.
American Funds® IS Growth-Income
Fund - Class 2
advised by Capital Research and
Management Company
0.53%
24.23%
13.01%
12.20%
Long-term growth of capital.
American Funds® IS International Fund -
Class 2
advised by Capital Research and
Management Company
0.78%
3.16%
1.23%
4.01%
Capital Appreciation. A fund of funds.
DWS Alternative Asset Allocation VIP
Portfolio - Class A
advised by DWS Investment
Management Americas, Inc.
0.88%
5.64%
4.36%
3.17%
Long-term capital appreciation.
Fidelity® VIP Contrafund® Portfolio -
Service Class
0.66%
33.63%
16.92%
13.50%
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2020 PortfolioSM
- Service Class
0.56%
7.55%
5.05%
5.91%
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2025 PortfolioSM
- Service Class
0.58%
8.40%
5.66%
6.43%
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2030 PortfolioSM
- Service Class
0.61%
9.34%
6.40%
7.20%
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2035 PortfolioSM
- Service Class
0.65%
10.93%
7.73%
8.17%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2040 PortfolioSM
- Service Class
0.69%
12.94%
8.98%
8.84%
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2045 PortfolioSM
- Service Class
0.71%
13.70%
9.23%
8.96%
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2050 PortfolioSM
- Service Class
0.71%
13.74%
9.23%
8.96%
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2055 PortfolioSM
- Service Class
0.71%
13.72%
9.22%
N/A
High total return with a secondary
objective of principal preservation as the
fund approaches its target date and
beyond. A fund of funds.
Fidelity® VIP Freedom 2060 PortfolioSM
- Service Class
0.71%
13.72%
9.23%
N/A
To achieve capital appreciation.
Fidelity® VIP Growth Portfolio - Service
Class
0.66%
30.27%
18.81%
16.51%
Capital Appreciation.
LVIP Baron Growth Opportunities Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.14%2
5.44%
7.96%
9.41%
Reasonable income.
LVIP BlackRock Dividend Value
Managed Volatility Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.65%2
11.50%
8.20%
7.22%
Long-term capital appreciation.
LVIP BlackRock Equity Dividend Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.65%2
7.18%
5.69%
7.18%
High total investment return.
LVIP BlackRock Global Allocation Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.72%2
9.51%
6.19%
N/A
To maximize real return, consistent with
preservation of real capital and prudent
investment management.
LVIP BlackRock Inflation Protected Bond
Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.88%
2.64%
2.52%
2.15%
Total return through a combination of
current income and long-term capital
appreciation.
LVIP BlackRock Real Estate Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.83%2
1.61%
0.52%
2.67%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term growth of capital in a manner
consistent with the preservation of
capital.
LVIP Blended Large Cap Growth
Managed Volatility Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.66%2
30.41%
15.74%
11.64%
Capital Appreciation.
LVIP Blended Mid Cap Managed
Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.72%2
19.23%
9.20%
9.12%
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity 1
Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.39%2
20.77%
13.29%
11.80%
Maximum long-term total return
consistent with reasonable risk.
LVIP Fidelity Institutional AM® Total
Bond Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.51%2
1.98%
0.45%
1.77%
Long-term capital growth.
LVIP Franklin Templeton Global Equity
Managed Volatility Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.72%2
12.54%
8.93%
6.04%
To maximize long-term capital
appreciation.
LVIP Franklin Templeton Multi-Factor
Emerging Markets Equity Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.46%2
8.90%
3.36%
2.82%
A high level of current income with
some consideration given to growth of
capital. A fund of funds.
LVIP Global Conservative Allocation
Managed Risk Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.76%2
7.71%
2.88%
3.71%
A balance between a high level of
current income and growth of capital,
with a greater emphasis on growth of
capital. A fund of funds.
LVIP Global Growth Allocation Managed
Risk Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.75%2
11.15%
4.11%
4.47%
A balance between a high level of
current income and growth of capital,
with an emphasis on growth of capital. A
fund of funds.
LVIP Global Moderate Allocation
Managed Risk Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.76%2
10.19%
3.66%
4.14%
Current income while (i)maintaining a
stable value of your shares (providing
stability of net asset value) and (ii)
preserving the value of your initial
investment (preservation of capital).
LVIP Government Money Market Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.39%2
4.94%
2.23%
1.48%
Current income and some capital
appreciation. A fund of funds.
LVIP JPMorgan Retirement Income Fund
- Standard Class
advised by Lincoln Financial Investments
Corporation
0.67%2
7.96%
3.89%
4.24%
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term capital appreciation.
LVIP JPMorgan Select Mid Cap Value
Managed Volatility Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.77%2
15.44%
9.11%
6.31%
Maximum current income (yield)
consistent with a prudent investment
strategy.
LVIP Macquarie Bond Fund - Standard
Class3
advised by Lincoln Financial Investments
Corporation
0.37%
1.61%
0.04%
1.57%
Total return.
LVIP Macquarie Diversified Floating Rate
Fund - Service Class3
advised by Lincoln Financial Investments
Corporation
0.88%2
5.80%
2.41%
1.96%
Total return and, as a secondary
objective, high current income.
LVIP Macquarie High Yield Fund -
Standard Class3
advised by Lincoln Financial Investments
Corporation
0.74%2
6.66%
3.68%
4.23%
To maximize long-term capital
appreciation.
LVIP Macquarie Mid Cap Value Fund -
Standard Class3
advised by Lincoln Financial Investments
Corporation
0.42%
14.82%
9.07%
9.33%
Long-term capital appreciation.
LVIP Macquarie SMID Cap Core Fund -
Standard Class3
advised by Lincoln Financial Investments
Corporation
0.80%2
14.73%
9.54%
9.52%
To maximize long-term capital
appreciation.
LVIP Macquarie Social Awareness Fund -
Standard Class3
advised by Lincoln Financial Investments
Corporation
0.43%
21.07%
13.87%
11.87%
Maximum long-term total return, with
capital appreciation as a secondary
objective.
LVIP Macquarie U.S. REIT Fund -
Standard Class3
advised by Lincoln Financial Investments
Corporation
0.83%2
7.87%
3.06%
4.31%
To provide a responsible level of income
and the potential for capital appreciation.
LVIP Macquarie Wealth Builder Fund -
Standard Class3
advised by Lincoln Financial Investments
Corporation
0.71%2
8.18%
4.50%
4.83%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global Income Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.66%2
-5.15%
-3.23%
-0.46%
Long-term capital appreciation as
measured by the change in the value of
fund shares over a period of three years
or longer.
LVIP Mondrian International Value Fund
- Standard Class
advised by Lincoln Financial Investments
Corporation
0.74%2
4.70%
3.48%
4.19%
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg U.S.
Aggregate Index.
LVIP SSGA Bond Index Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.37%2
1.05%
-0.60%
1.03%
A-4
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term growth of capital. A fund of
funds.
LVIP SSGA Global Tactical Allocation
Managed Volatility Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.60%2
9.97%
5.20%
4.50%
To approximate as closely as practicable,
before fees and expenses, the
performance of a broad market index of
non-U.S. foreign securities.
LVIP SSGA International Index Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.38%2
3.22%
4.49%
4.98%
Capital Appreciation. A fund of funds.
LVIP SSGA International Managed
Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.62%2
2.78%
1.95%
2.87%
To approximate as closely as practicable,
before fees and expenses, the total rate
of return of common stocks publicly
traded in the United States, as
represented by the S&P 500 Index.
LVIP SSGA S&P 500 Index Fund -
Standard Class4
advised by Lincoln Financial Investments
Corporation
0.23%
24.73%
14.24%
12.84%
To approximate as closely as practicable,
before fees and expenses, the
performance of the Russell 2000®
Index, which emphasizes stocks of small
U.S. companies.
LVIP SSGA Small-Cap Index Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.38%2
11.14%
6.97%
7.38%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
LVIP T. Rowe Price 2020 Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.65%2
8.81%
5.52%
5.33%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
LVIP T. Rowe Price 2030 Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.68%2
10.43%
6.90%
6.08%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
LVIP T. Rowe Price 2040 Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.71%2
13.04%
8.61%
7.05%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
LVIP T. Rowe Price 2050 Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.73%2
14.20%
9.23%
7.68%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of
funds.
LVIP T. Rowe Price 2060 Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.73%2
14.27%
N/A
N/A
To maximize capital appreciation.
LVIP T. Rowe Price Structured Mid-Cap
Growth Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.72%2
23.67%
11.14%
11.96%
Long-term capital appreciation. A fund
of funds.
LVIP Vanguard Domestic Equity ETF
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.57%2
21.80%
13.08%
11.75%
A-5
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
1 year
5 year
10 year
Long-term capital appreciation. A fund
of funds.
LVIP Vanguard International Equity ETF
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.59%2
3.62%
3.43%
4.64%
Capital Appreciation.
Macquarie VIP Small Cap Value Series -
Service Class3
advised by Delaware Management
Company
1.04%
11.02%
6.83%
7.30%
Total return.
MFS® VIT Utilities Series - Initial Class
advised by Massachusetts Financial
Services Company
0.79%2
11.66%
5.88%
6.29%
Maximum total return, consistent with
preservation of capital and prudent
investment management.
PIMCO VIT Total Return Portfolio -
Administrative Class
advised by Pacific Investment
Management Company, LLC
0.79%
2.53%
-0.03%
1.53%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company.
2
This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund's annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
3
Investments in Macquarie VIP Series, Macquarie Funds, LVIP Macquarie Funds or Lincoln Life accounts managed by Macquarie Investment Management Advisers, a series of Macquarie Investments Management Business Trust, are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the series or funds or accounts, the repayment of capital from the series or funds or account, or any particular rate of return.
4
The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by one or more of the portfolio's service providers (licensee). Standard & Poor's®, S&P®, S&P GSCI® and S&P 500® are registered trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensee. The licensee's products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have liability for any errors, omissions, or interruptions of the Index.
5
"Standard & Poor's®," "S&P®," "Standard & Poor's Equal Weight Index," "S&P EWI," "S&P 500®," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Invesco V.I. Equally-Weighted S&P 500 Fund. The fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in the fund.
6
Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product.
A-6
 
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This initial summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the Contract, both dated May 1, 2025, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
  SEC File Nos. 333-43373; 811-08569
EDGAR Contract Identifier C000007694
Lincoln Life Variable Annuity Account Q published this content on April 28, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on April 28, 2025 at 15:39 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]