|         |                       |
|---------|-----------------------|
| • | Is NOT a bank deposit |

|         |                     |
|---------|---------------------|
| • | Is NOT FDIC insured |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | Is NOT insured or endorsed by a bank or any government agency |

|         |                                 |
|---------|---------------------------------|
| • | Is NOT available in every state |

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|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |
|                                                                    |   |
| Summary                                                                 | 1 |
| Preliminary Note Regarding Terms Used in This Prospectus                | 1 |
| How much will your Certificate cost?                                    | 2 |
| What protection does the Certificate provide?                           | 2 |
| How does your Certificate work?                                         | 3 |
| How do you purchase a Certificate?                                      | 3 |
| What is the Designated Investment Option?                               | 4 |
| Is the Certificate right for you?                                       | 4 |
| Risk Factors                                                            | 4 |
| The Certificate                                                         | 6 |
| Investment Options-- the Covered Fund                                   | 7 |
| Great-West SecureFoundation Balanced ETF Fund                           | 7 |
| Adding and Removing Covered Funds                                       | 8 |
| Rollovers and Account Transfers                                         | 8 |
| The Accumulation Phase                                                  | 8 |
| Covered Fund Value                                                      | 8 |
| Benefit Base                                                            | 9 |
| Subsequent Certificate Contributions to Your Account                    | 9 |
| Ratchet Date Adjustments to the Benefit Base                            | 10 |
| Excess Withdrawals During the Accumulation Phase                        | 10 |
| Types of Excess Withdrawals                                             | 11 |
| Fees Associated with the Investment Portfolio                           | 11 |
| Treatment of a Distribution During the Accumulation Phase               | 11 |
| Death During the Accumulation Phase                                     | 11 |
| THE GAW PHASE                                                           | 12 |
| Installments                                                            | 12 |
| Calculation of Installment Amount                                       | 13 |
| Installment Frequency Options                                           | 14 |
| Lump Sum Distribution Option                                            | 14 |
| Suspending and Re-Commencing Installments After a Lump Sum Distribution | 15 |

|                                                   |
|---------------------------------------------------|
|                                                   |  |
| Annual Review of Your GAW%                        | 15 |
| Types of Excess Withdrawals                       | 19 |
| Fees Associated with the Investment Portfolio     | 19 |
| Effect of Excess Withdrawals During the GAW Phase | 19 |
| Death During the GAW Phase                        | 20 |
| The Settlement Phase                              | 21 |
| Examples of How the Certificate Works             | 21 |
| Guarantee Benefit Fee                             | 24 |
| Divorce Provisions Under the Certificate          | 26 |
| Divorce Provisions for Qualified Certificates     | 26 |
| Divorce Provisions for Nonqualified Certificates  | 27 |
| Effect of Annuitization                           | 28 |
| Termination of the Group Contract                 | 28 |
| Termination of the Certificate                    | 29 |
| Miscellaneous Provisions                          | 29 |

----

|                                    |
|------------------------------------|
|                                    |  |
| Financial Condition of the Company | 30 |
| Taxation of the Certificate        | 31 |

|                                                 |
|-------------------------------------------------|
|                                                 |  |
| About Us                                        | 34 |
| Sales of the Certificate                        | 34 |
| Additional Information                          | 35 |
| Legal Matters                                   | 36 |
| Experts                                         | 36 |
| Where You Can Find More Information             | 36 |
| Incorporation of Certain Documents by Reference | 37 |
| Definitions                                     | 38 |
| Part II                                    | X |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The “Certificate” is the Great-West SecureFoundation® Group Fixed Deferred Certificate issued by Great-West Life & Annuity Insurance Company pursuant to the terms of a Group Fixed Deferred Annuity Contract (the “Group Contract”) issued to Great-West Trust Company, LLC (“Great-West Trust” or the “Group Contract Owner”). In certain states this may be an individual contract, which will have the same features and benefits unless otherwise noted. |
|         |                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | “We,” “us,” “our,” “Great-West,” or the “Company” means Great-West Life & Annuity Insurance Company. |
|         |                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | “You” or “yours” means the owner of the Certificate described in this prospectus. The terms “you,” “yours,” “Owner,” and “Certificate Owner” may be used interchangeably in this prospectus. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | “Covered Person” or “Covered Persons” means the person or persons, respectively, named in the Certificate whose age is used for certain important purposes under the Certificate, including determining the amount of the guaranteed income that may be provided by this Certificate. “Covered Fund” refers to the Great-West SecureFoundation® Balanced ETF Fund and any other fund that is approved by Great-West. The Covered Fund is not issued by Great-West. Great-West Funds, Inc. is the issuer of the Covered Fund and is an affiliate of Great-West. |
|         |                                                              |
|---------|--------------------------------------------------------------|
| • | Sole Owner who is an individual and also the Covered Person. |
|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | Sole Owner who is an individual and the Covered Person, with his or her Spouse as the joint Covered Person. |

----

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | The maximum Guarantee Benefit Fee for the Certificate, as a percentage of your Benefit Base, on an annual basis, is 1.5%. |
|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | The minimum Guarantee Benefit Fee for the Certificate, as a percentage of your Benefit Base, on an annual basis, is 0.70%. |
|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | The current Guarantee Benefit Fee for the Certificate, as a percentage of your Benefit Base, on an annual basis, is 1.00%. |
|         |                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------|
| • | longevity risk, which is the risk that a Certificate Owner will outlive the assets invested in the Covered Fund; and |
|         |                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | income volatility risk, which is the risk of downward fluctuations in a Certificate Owner’s retirement income due to changes in market performance. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Accumulation Phase: During the Accumulation Phase, you may make additional Certificate Contributions to your Covered Fund, which establishes your Benefit Base (this is the sum of all Certificate Contributions minus any withdrawals and any adjustments made on the “Performance Ratchet Date” as described later in this prospectus), and take withdrawals from your Investment Portfolio just as you otherwise would be permitted to (although Excess Withdrawals will reduce the amount of the Benefit Base under the Certificate). You are responsible for managing your withdrawals during the Accumulation Phase. |
|         |                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The GAW Phase: After you (or if there are joint Covered Persons, the younger joint Covered Person) have turned age 59  1⁄2, then you can enter the GAW Phase and begin to take GAWs (which are annual withdrawals that do not exceed a specified amount) without reducing your Benefit Base. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Settlement Phase: If your Covered Fund Value falls to zero as a result of Covered Fund performance, the Guarantee Benefit Fee, certain other fees that are not directly associated with the Certificate or Group Contract (e.g., IRA fees or brokerage fees, advisory fees), and/or GAWs, the Settlement Phase will begin. See "The Accumulation Phase – Fees Associated with the Investment Portfolio," below. During the Settlement Phase, we make Installments to you for as long as you live. However, the Settlement Phase may never occur, depending on how long you live and how well the Covered Fund performs. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You may die before receiving payments from us or you may not live long enough to receive enough income to exceed the amount of the Guarantee Benefit Fees paid. If you (assuming that you are the sole Covered Person) die before the Covered Fund Value is reduced to zero, you will never receive any payments under the Certificate. The Certificate does not have any cash value or provide a death benefit. Furthermore, even if you begin to receive Installments in the Settlement Phase, you may die before receiving an amount equal to or greater than the amount you have paid in Guarantee Benefit Fees. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Covered Funds may perform well enough so that you may not need the guarantee that may otherwise be provided by the Certificate. The Covered Fund is managed by a registered investment adviser, Great-West Capital Management, LLC (“GWCM”), a wholly owned subsidiary of Great-West. GWCM has the flexibility to manage the Great-West SecureFoundation® Balanced ETF Fund conservatively. Therefore, there is a good chance that the Covered Fund will perform well enough that GAWs will not reduce Covered Fund Value to zero. As a result, the likelihood that we will make payments to you is minimal. In this case, you will have paid us the Guarantee Benefit Fee for the life of your Certificate and received no payments in the Settlement Phase in return. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You may need to make Excess Withdrawals, which have the potential to substantially reduce or even terminate the benefits available under the Certificate. Because personal financial needs can arise unpredictably (e.g., unexpected medical bills), you may need to make a withdrawal from your Covered Fund before the start of the GAW Phase or following the start of the GAW Phase in an amount larger than the GAW. These types of withdrawals are Excess |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You may choose to cancel your Certificate prior to a severe market downturn. The Certificate is designed to protect you from outliving the assets in your Covered Fund. If you terminate the Certificate before reaching the GAW Phase or Settlement Phase, we will not make payments to you, even if subsequent Covered Fund performance reduces your Covered Fund Value to zero. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You might not begin making GAWs at the most financially beneficial time for you. Because of decreasing life expectancy as you age, in certain circumstances, the longer you wait to start taking GAWs, the less likely it is that you will benefit from your Certificate. On the other hand, the earlier you begin taking GAWs, the lower the GAW Percentage you may receive and therefore the lower your GAWs (if any) will be. Because of the uncertainty of how long you will live and how your investments will perform over time, it will be difficult for you to determine the most financially beneficial time to begin making GAWs. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | If you terminate or change your Financial Services Provider, you may never receive a benefit from the Certificate. The Certificate is currently available to clients of Financial Services Providers. The Certificate is held by the owner of the Investment Portfolio. If your Investment Portfolio is terminated, such as by a full distribution of all of the assets in the Investment Portfolio, or moved to a provider that does not offer the Certificate, you will cause your Certificate to terminate. In that case, you may never receive a benefit from the Certificate, and the Guarantee Benefit Fee will not be refunded. |

|         |                                                                                                                                                                                                                                                                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We reserve the right to increase the Guarantee Benefit Fee at any time. If we increase the Guarantee Benefit Fee, then depending upon how long you live, you may not receive enough income to exceed the amount of total fees paid. We may increase the Guarantee Benefit Fee up to the maximum fee, 1.5% of your Benefit Base, as shown on your Certificate Data Page. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The deduction of the Guarantee Benefit Fee each quarter will negatively affect the growth of your Covered Fund Value. The growth of your Covered Fund Value is likely important to you because you may never receive Installments during Settlement Phase. Therefore, depending on how long you live and how your investments perform, you may be financially better off without purchasing the Certificate. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Certificate limits your investment choices. Only certain funds may be available under the Certificate. Currently there is only one available fund. The Covered Fund may be managed in a more conservative fashion than other mutual funds available to you. If you do not purchase the Certificate, it is possible that you may invest in other mutual funds (or other types of investments) that experience higher growth or lower losses, depending on the market, than the Covered Fund’s experience. It is impossible to know how various investments will fare on a comparative basis. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Covered Fund may become ineligible. If the Covered Fund that you invest in becomes ineligible for the Certificate, you must Transfer the Covered Fund Value to another Covered Fund in order to keep the Certificate in force. If the Transfer does not take place or if the Transfer is not a same day Transfer, then it could cause your Certificate to be canceled. See "Adding and Removing Covered Funds," below. We reserve the right to designate Covered Funds that were previously eligible for use with the Certificate as ineligible for use with the Certificate, for any reason including due to changes to their investment objectives. In the event that all Covered Funds become ineligible or are liquidated, we will designate a new fund as a Covered Fund. The new Covered Fund may have higher fees and charges and different investment objectives/strategies than the ineligible Covered Fund. In addition, designating a new fund as a Covered Fund may result in an increase in the current Guarantee Benefit Fee, which will not exceed the maximum Guarantee Benefit Fee of 1.5%. The Guarantee Benefit Fee will not be refunded if the Covered Funds become ineligible or are liquidated. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Group Contract Owner or Great-West may terminate the Group Contract. If the Group Contract Owner or Great-West terminates the Group Contract, such termination will not adversely affect your rights under the Group Contract, except that we will not permit additional Certificate Contributions to the Covered Fund. However, we will accept reinvested dividends and capital gains. You will still be obligated to pay the Guarantee Benefit Fee. See "Termination of the Group Contract," below. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Investment Portfolio may terminate. Investment Portfolios can be terminated, such as by a full distribution of all of the assets in the Investment Portfolio. You generally can choose to discontinue your own Investment Portfolio, and either receive a distribution from the Investment Portfolio or transfer it to another Financial Services Provider. Also, most Investment Portfolio providers reserve the right to resign from the Investment Portfolio; if that happens, in most cases you can choose to have your Investment Portfolio either distributed to you or transferred to another Financial Services Provider. In the event of a complete Investment Portfolio termination, either because your Investment Portfolio is distributed to you or transferred to another Investment Portfolio provider that does not offer the Certificate, then all benefits, rights, and privileges provided by the Group Contract, including without limitation, the Certificate, shall terminate. In this event, you may choose to utilize the Covered Fund Value in the ways described later in this prospectus under "Termination of the Group Contract—Other Termination," below. The Guarantee Benefit Fee will not be refunded if the Investment Portfolio terminates. |

|         |                                                                                                                                                                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Certificate will terminate if the Guaranteed Benefit Fee is not paid. If we do not receive the Guarantee Benefit Fee (except during Settlement Phase), including as a result of the failure of your Financial Services Provider to submit it to us, the Certificate will terminate as of the date that the fee is due. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Any payments we are required to make to you under the Certificate will depend on our long-term ability to make such payments. We will make all payments under the Certificate in Settlement Phase from our general account, which is not insulated from the claims of our third party creditors. Therefore, your receipt of payments from us is subject to our claims paying ability. The Covered Fund does not make payments under the GLWB. |

|         |                                                                                                                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Certificate is novel and innovative. You should consult a tax advisor before purchasing a Certificate. See "Taxation of the Certificate," below for further discussion of tax issues relating to the Certificate. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You should be aware of various regulatory protections that do and do not apply to the Certificate. Your Certificate is registered in accordance with the Securities Act of 1933. The issuance and sale of your Certificate must be conducted in accordance with the requirements of the Securities Act of 1933. We are also subject to applicable periodic reporting requirements and other requirements imposed by the Securities Exchange Act of 1934. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We are neither an investment company nor an investment adviser and do not provide investment advice to you in connection with the Certificate. Therefore, we are not governed by the Investment Advisers Act of 1940 (the “Advisers Act”) or the Investment Company Act of 1940 (the “1940 Act”). Accordingly, the protections provided by the Advisers Act and the 1940 Act are not applicable with respect to our sale of the Certificate to you. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Certificate does not protect the assets in your Investment Portfolio from your creditors. The assets in your Investment Portfolio are owned by you and not us. We have no control over any of the assets in your Investment Portfolio. The assets in your Investment Portfolio are not subject to our creditors. However, assets in your Investment Portfolio may be subject to being directly attached by your creditors. Any liquidation of any Covered Fund will be considered an Excess Withdrawal and it may reduce your Benefit Base. |

----

----

----

|         |                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------|
| • | We increase your Benefit Base on a dollar-for-dollar basis each time you make a Certificate Contribution. |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | We decrease your Benefit Base on a proportionate basis each time you make an Excess Withdrawal. |

|         |                                                                                                                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | On each Ratchet Date during the Accumulation Phase (described below), we will increase your Benefit Base to equal your current Covered Fund Value if your Covered Fund Value is greater than your Benefit Base. (If so, your Benefit Base will then reflect positive Covered Fund performance.) |

|         |                                                                                                                                                                                                                                                                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The Benefit Base is used for purposes of calculating your Installment Payments during the GAW Phase and the Settlement Phase and for purposes of calculating your Guarantee Benefit Fee during the Accumulation and GAW Phases. It has no other purpose. The Benefit Base does not provide and is not available as a cash value or settlement value. |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| • | It is important that you do not confuse your Benefit Base with the Covered Fund Value. |

|         |                                                                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | During the Accumulation Phase and the GAW Phase, the Benefit Base will be re-calculated each time you make a Certificate Contribution or Excess Withdrawal, as well as on an annual basis as described below, which is known as your Ratchet Date. |

----

|         |                               |
|---------|-------------------------------|
| • | your current Benefit Base; or |

|         |                                  |
|---------|----------------------------------|
| • | your current Covered Fund Value. |

----

|         |                                           |
|---------|-------------------------------------------|
| • | IRA fees, including fees of the custodian |

|         |                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Advisory fees up to 1.5% - You may make a withdrawal of up to 1.5% of the Covered Fund Value to pay for asset management or advisory service fees associated with the Investment Portfolio without the withdrawal being considered an Excess Withdrawal. |

|         |                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Trading and transaction (e.g., bounced check or stop payment) fees associated with other assets in the Investment Portfolio that are deducted from the Covered Fund Value |

|         |                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Advisory fees in excess of 1.5% - If fees to pay for asset management of advisory services associated with the investment portfolio exceed 1.5% of the Covered Fund Value, and the entire amount of the fees are withdrawn from the Covered Fund Value, the amount withdrawn above the 1.5% limit will be considered an Excess Withdrawal and will reduce the Benefit Base as described above. |

----

----

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |  |
| Age Band                     |   | Adjustment Factor |   | GAW% Minimum |   | GAW% Maximum |
| 59  1⁄2 - 64 |   | 0.7 |   | 3.0 | % |   | 5.6 | % |
| 65-69                        |   | 1.0 |   | 4.0 | % |   | 8.0 | % |
| 70-74                        |   | 1.1 |   | 4.5 | % |   | 8.3 | % |
| 75+                          |   | 1.2 |   | 5.0 | % |   | 8.5 | % |

|                                                                                                          |
|----------------------------------------------------------------------------------------------------------|
|                                                                                                          |  |
| Scenario #1:                                                                                        | 72 Year Old Single Covered Person |
|                                                                                                     | 10YR = 5.0% |
| Benefit Base = $80,00010 YR (5.0%) x Age Adjustment (1.10) = 5.5%GAW = $4,400 ($80,000 x 5.5%) |

|                                                                                                                                                                                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                |  |
| Scenario #2:                                                                                                                                                                                                                                                                              | 60 Year Old Single Covered Person |
|                                                                                                                                                                                                                                                                                           | 10YR = 3.7% |
| Benefit Base = $80,00010 YR (3.7%) x Age Adjustment (.70) = 2.59%If 2.59% is less than the applicable minimum GAW% the GLWB Elector will receive the applicable minimum GAW%;The applicable minimum GAW% for a 60 year old is 3.0%.Therefore, the GAW = $2,400 ($80,000 x 3.0%) |

----

|                                                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                          |  |
| Scenario #3:                                                                                                                        | 68 Year Old Joint Covered Person with a 63 Year Old Spouse |
|                                                                                                                                     | 10YR = 6.0% |
| Benefit Base = $80,00010 YR (6.0%) x Age Adjustment (.70) x Joint Withdrawal Adjustment (.90) = 3.78%GAW = $3,024 ($80,000 x 3.78%) |

|                                                                                                                                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                |  |
| Scenario #4:                                                                                                                                                                                              | 71 Year Old Joint Covered Person with a 65 Year Old Spouse |
|                                                                                                                                                                                                           | 10YR = 3.0% |
| Benefit Base = $80,0003.0% is less than the applicable minimum GAW% for a 65 year old Covered Person, so apply the minimum (4.0%), then apply the joint adjustment of 0.90GAW = $2,880 ($80,000 x 4.0% x 0.90) |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Prior Year GAW                          |
| Prior Benefit Base                      | $ | 461,814 |  |
| Prior GAW%                              | 4 | % |
| Prior GAW                               | $ | 18,472.56 |  |
|                                    |
| Inputs to Annual Review of your GAW%    |
| 1) Current Covered Fund Value           | $ | 454,843 |  |
| 2) Current 10 YR                        | 4.10 | % |
|                                    |
| Factors determining Initial Calculation |
|                                    |   |
| 3) Single or Joint Withdrawals          | Single |  |
| 4) Age withdrawals Started              | 65 |  |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |
| GAW% using Initial Calculation: 10 YR (4.10%) x Age Adj (1.00) | 4.10 | % |
| Interest Rate Reset GAW: $454,843 x 4.10%                      | $ | 18,648.56 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |
| Is 454,843 higher than 461,814?                     | No |
| NA, Covered Fund Value less than Prior Benefit Base | NA |
| Ratchet GAW: NA                                     | NA |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |
| New GAW: Greatest of Prior GAW (18,472.56) and Interest Rate Reset GAW (18,648.56) | $ | 18,648.56 |  |
| New Benefit Base Based on Interest Rate Reset GAW: $454,843 x 4.10%                | $ | 454,843 |  |
| New GAW% Based on Interest Rate Reset GAW: $454,843 x 4.10%                        | 4.10 | % |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Prior Year GAW                          |
| Prior Benefit Base                      | $ | 250,000 |  |
| Prior GAW%                              | 5 | % |
| Prior GAW                               | $ | 12,500 |  |
|                                    |
| Inputs to Annual Review of your GAW%    |
| 1) Current Covered Fund Value           | $ | 275,000 |  |
| 2) Current 10 YR                        | 4.80 | % |
|                                    |
| Factors determining Initial Calculation |
|                                    |   |
| 3) Single or Joint Withdrawals          | Single |  |
| 4) Age withdrawals Started              | 65 |  |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |
| GAW% using Initial Calculation: 10 YR (4.80%) x Age Adj (1.00) | 4.80 | % |
| Interest Rate Reset GAW: $275,000 x 4.80%                      | $ | 13,200 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |
| Is 275,000 higher than 250,000? | Yes |  |
| Current Covered Fund Value      | $ | 275,000 |  |
| Ratchet GAW: 275,000 x 5%       | $ | 13,750 |  |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |
| New GAW: Greatest of Prior GAW (12,500) and Ratchet GAW (13,750) and Interest Rate Reset GAW (13,200) | $ | 13,750 |  |
| New Benefit Base Based on Ratchet GAW: 275,000 x 5%                                                   | $ | 275,000 |  |
| New GAW% Based on Ratchet GAW: 275,000 x 5%                                                           | 5 | % |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Prior Year GAW                          |
| Prior Benefit Base                      | $ | 120,000 |  |
| Prior GAW%                              | 5.50 | % |
| Prior GAW                               | $ | 6,600 |  |
|                                    |
| Inputs to Annual Review of your GAW%    |
| 1) Current Covered Fund Value           | $ | 100,000 |  |
| 2) Current 10 YR                        | 4.50 | % |
|                                    |
| Factors determining Initial Calculation |
|                                    |   |
| 3) Single or Joint Withdrawals          | Single |  |
| 4) Age withdrawals Started              | 70 |  |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |
| GAW% using Initial Calculation: 10 YR (4.50%) x Age Adj (1.10) | 4.95 | % |
| Interest Rate Reset GAW: $100,000 x 4.95%                      | $ | 4,950 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |
| Is 100,000 higher than 120,000?                     | No |
| NA, Covered Fund Value less than Prior Benefit Base | NA |
| Ratchet GAW: NA                                     | NA |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |
| New GAW: Greatest of Prior GAW (6,600) and Interest Rate Reset GAW (4,950) | $ | 6,600 |  |
| New Benefit Base Based on Prior GAW                                        | $ | 120,000 |  |
| New GAW% Based on Prior GAW                                                | 5.50 | % |

|                    |
|--------------------|
|                    |  |  |  |
| Prior Year GAW     |
| Prior Benefit Base | $ | 120,000 |  |
| Prior GAW%         | 5.50 | % |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Prior GAW                               | $ | 6,600 |  |
|                                    |
| Inputs to Annual Review of your GAW%    |
| 1) Current Covered Fund Value           | $ | 90,000 |  |
| 2) Current 10 YR                        | 7 | % |
|                                    |
| Factors determining Initial Calculation |
|                                    |   |
| 3) Single or Joint Withdrawals          | Single |  |
| 4) Age withdrawals Started              | 70 |  |

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |
| GAW% using Initial Calculation: 10 YR (7%) x Age Adj (1.10) | 7.70 | % |
| Interest Rate Reset GAW: $90,000 x 7.70%                    | $ | 6,930 |  |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |
| Is 90,000 higher than 120,000?                      | No |
| NA, Covered Fund Value less than Prior Benefit Base | NA |
| Ratchet GAW: NA                                     | NA |

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |
| New GAW: Greatest of Prior GAW (6,600) and Interest Rate Reset GAW (6,930) | $ | 6,930 |  |
| New Benefit Base Based on Interest Rate Reset GAW: $90,000 x 7.70%         | $ | 90,000 |  |
| New GAW% Based on Interest Rate Reset GAW: $90,000 x 7.70%                 | 7.70 | % |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Prior Year GAW                          |
| Prior Benefit Base                      | $ | 120,000 |  |
| Prior GAW%                              | 5.50 | % |
| Prior GAW                               | $ | 6,600 |  |
|                                    |
| Inputs to Annual Review of your GAW%    |
| 1) Current Covered Fund Value           | $ | 140,000 |  |
| 2) Current 10 YR                        | 4 | % |
|                                    |
| Factors determining Initial Calculation |
|                                    |   |
| 3) Single or Joint Withdrawals          | Single |  |
| 4) Age withdrawals Started              | 70 |  |

----

|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |
| GAW% using Initial Calculation: 10 YR (4%) x Age Adj (1.10) is less than Min, so Min (4.50%) | 4.50 | % |
| Interest Rate Reset GAW: $140,000 x 4.50%                                                    | $ | 6,300 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |
| Is 140,000 higher than 120,000? | Yes |  |
| Current Covered Fund Value      | $ | 140,000 |  |
| Ratchet GAW: 140,000 x 5.50%    | $ | 7,700 |  |

|                                                                                                    |
|----------------------------------------------------------------------------------------------------|
|                                                                                                    |  |  |  |
| New GAW: Greatest of Prior GAW (6,600) and Ratchet GAW (7,700) and Interest Rate Reset GAW (6,300) | $ | 7,700 |  |
| New Benefit Base Based on Ratchet GAW: 140,000 x 5.50%                                             | $ | 140,000 |  |
| New GAW% Based on Ratchet GAW: 140,000 x 5.50%                                                     | 5.50 | % |

----

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|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | All Certificate Contributions are assumed to be at the end of the year and occur immediately before the next Ratchet Date. |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | All withdrawals are assumed to be at the beginning of the year and occur on the Ratchet Date. |

|         |                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------|
| • | All positive investment performance of the Covered Fund is assumed to be net of investment management fees. |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | In all of the examples, you have access to your Covered Fund Value until it is depleted: |

|         |                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------|
| • | If you die before the Covered Fund Value is depleted, the remaining Covered Fund Value would be available to your Beneficiary. |

|         |                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| • | If you need to take a withdrawal in excess of your GAW, you may take up to the Covered Fund Value, which will be considered an Excess Withdrawal. |

|         |                     |
|---------|---------------------|
| • | Sole Covered Person |

|         |                                      |
|---------|--------------------------------------|
| • | Initial Covered Fund Value: $500,000 |

|         |                                                      |
|---------|------------------------------------------------------|
| • | 10 Year Treasury Yield at time withdrawals start: 5% |

|         |                 |
|---------|-----------------|
| • | GAW Percent: 5% |

----

|         |                                     |
|---------|-------------------------------------|
| • | GAW Amount: $500,000 x 5% = $25,000 |

|         |                                              |
|---------|----------------------------------------------|
| • | Guarantee Benefit Fee: 1.00% of Benefit Base |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Changes in Covered Fund Value (net of investment management fees): |

|         |                                          |
|---------|------------------------------------------|
| • | Year 1: -10%, Year 2: -10%, Years 3+: 5% |

|         |                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You annually withdraw $25,000 from your Covered Fund until age 83 when the Covered Fund is depleted as a result of your Guaranteed Annual Withdrawal and the Guarantee Benefit Fee: |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | Starting at age 84, we continue to pay Installments of $25,000 each year for your life. |

|         |                     |
|---------|---------------------|
| • | Sole Covered Person |

|         |                                      |
|---------|--------------------------------------|
| • | Initial Covered Fund Value: $500,000 |

|         |                                                      |
|---------|------------------------------------------------------|
| • | 10 Year Treasury Yield at time withdrawals start: 5% |

|         |                 |
|---------|-----------------|
| • | GAW Percent: 5% |

|         |                                              |
|---------|----------------------------------------------|
| • | Guarantee Benefit Fee: 1.00% of Benefit Base |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Changes in Covered Fund Value (net of investment management fees): |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | Years 1 through 7: 5%, Years 8 through 11: -10%, Years 12+: 5% |

|         |                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------|
| • | Positive Covered Fund performance through year 7 results in a Covered Fund Value of $657,144 on your Ratchet Date. |

----

|         |                                         |
|---------|-----------------------------------------|
| • | Your Benefit Base Ratchets to $657,144. |

|         |                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------|
| • | Covered Fund Value at the beginning of year 10 is $461,932, but GAWs are based on the Benefit Base, which is $657,144. |

|         |                                   |
|---------|-----------------------------------|
| • | GAWs are $657,144 x 5% = $32,857. |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | You annually withdraw $32,857 from your Covered Fund until about age 78 when the Covered Fund is depleted: |

|         |                                                |
|---------|------------------------------------------------|
| • | At age 78, your Covered Fund Value is $26,470. |

|         |                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You withdraw the $26,470 which depletes the Covered Fund and you are now in Settlement Phase. We provide the remaining $6,387 necessary to make the Installment $32,857. |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | We continue to pay Installments of $32,857 each year for your life. |

|         |                     |
|---------|---------------------|
| • | Sole Covered Person |

|         |                                      |
|---------|--------------------------------------|
| • | Initial Covered Fund Value: $500,000 |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Additional Annual Certificate Contributions until GAWs Begin: $2,500 |

|         |                                                      |
|---------|------------------------------------------------------|
| • | 10 Year Treasury Yield at time withdrawals start: 5% |

|         |                 |
|---------|-----------------|
| • | GAW Percent: 5% |

|         |                                              |
|---------|----------------------------------------------|
| • | Guarantee Benefit Fee: 1.00% of Benefit Base |

|         |                                                                    |
|---------|--------------------------------------------------------------------|
| • | Changes in Covered Fund Value (net of investment management fees): |

|         |                                        |
|---------|----------------------------------------|
| • | Years 1 through 10: -5%, Years 11+: 5% |

----

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | Poor Covered Fund performance in years 1 through 10 results in a Covered Fund Value of $279,097 at the end of year 10. |

|         |                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------|
| • | Your Benefit Base at the end of year 10 is $525,000 as a result of the additional Certificate Contributions in years 1 through 10. |

|         |                                   |
|---------|-----------------------------------|
| • | GAWs are $525,000 x 5% = $26,250. |

|         |                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------|
| • | You annually withdraw $26,250 from your Covered Fund until about age 76 when the Covered Fund is depleted: |

|         |                                               |
|---------|-----------------------------------------------|
| • | At age 76, your Covered Fund Value is $9,806. |

|         |                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | You withdraw the $9,806 which depletes the Covered Fund and you are now in Settlement Phase. We provide the remaining $16,444 necessary to make the Installment $26,250. |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | We continue to pay Installments of $26,250 each year for your life. |

----

----

----

----

|         |                             |
|---------|-----------------------------|
| • | Income for Single Life Only |

|         |                                               |
|---------|-----------------------------------------------|
| • | Income for Single Life with Guaranteed Period |

|         |                            |
|---------|----------------------------|
| • | Income for Joint Life Only |

|         |                                              |
|---------|----------------------------------------------|
| • | Income for Joint Life with Guaranteed Period |

|         |                              |
|---------|------------------------------|
| • | Income for a Specific Period |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | Any other form of annuity payment permitted under the Investment Portfolio, if acceptable to Great-West. |

----

|    |                                                                                                                                                                                       |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | the date of death of a GLWB Elector during the Accumulation Phase (unless an election is made by a Beneficiary who is the Spouse of the GLWB Elector to continue the Certificate); or |

|    |                                                                                                                           |
|----|---------------------------------------------------------------------------------------------------------------------------|
| b. | the date of death of the Certificate Owner after the Initial Installment Date if there is no surviving Covered Person; or |

|    |                                                                              |
|----|------------------------------------------------------------------------------|
| c. | the date of death of the last Covered Person during the Settlement Phase; or |

|    |                                                                                                                                                                                                                                            |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| d. | the date that you cancel the Certificate as a result of reducing the Covered Fund Value or the Benefit Base to zero prior to the Settlement Phase due to one or more Excess Withdrawals or by failing to pay the Guarantee Benefit Fee; or |

|    |                                                                                                                        |
|----|------------------------------------------------------------------------------------------------------------------------|
| e. | the date that we do not receive the Guarantee Benefit Fee (except during the Settlement Phase, when no fee is due); or |

|    |                                                                                                                                                                       |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| f. | the date that you annuitize some or all of the Covered Fund assets (the Certificate will terminate only with respect to the Covered Fund assets that are annuitized). |

----

----

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | A Certificate is intended for purchase only by the trustee or custodian of an IRA. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | We are not responsible for determining whether a Certificate complies with the terms and conditions of, or applicable law governing, any IRA. You are responsible for making that determination. Similarly, we are not responsible for administering any applicable tax or other legal requirements applicable to your IRA. You or a service provider for your IRA is responsible for determining that distributions, beneficiary designations, investment restrictions, charges and other transactions under a Certificate are consistent with the terms and conditions of your IRA and applicable law. |

|         |                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | If your Spouse is a joint Covered Person, your Spouse must be your sole beneficiary under your IRA. |

|         |                                                                                                                                                                                                                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | IRAs may be subject to required minimum distribution rules. Withdrawals during the GAW Phase from your Covered Fund Value taken to meet required minimum distribution requirements, in the proportion of your Covered Fund Value to your overall IRA balance (and not taking into account any other IRAs you own), will be deemed to be within the contract |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | IRAs can be terminated. You generally can choose to discontinue your own IRA, and either receive a distribution from the IRA or transfer it to another IRA provider. Also, most IRA providers reserve the right to resign from the IRA; if that happens, in most cases you can choose to have your IRA either distributed to you or transferred to another IRA provider. If your IRA is either distributed to you or transferred to another IRA provider that does not offer the Certificate, you will cause your Certificate to terminate. |

----

----

----

----

----

----

----

|         |                                                         |
|---------|---------------------------------------------------------|
| • | Great-West SecureFoundation® Balanced ETF Fund |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | Any other fund as approved by Great-West for the Certificate |

----