My father is 64 years old. My father rolled over the annuity into an IRA with PaineWebber. Most of the funds are fairly new and do not have return results for even three years out. However, that is not the issue. The real issue is whether the funds selected are good funds.
Many good companies have bad funds.
Each one of these has different ways of charging fees. Thus, you are paying high fees on an ongoing basis. With regard to the allocation of the funds, it appears the portfolio is geared partially for income and partially for growth. Based on your letter, a better strategy would be to make the retirement account geared for long-term growth. If your father needs additional income, he can begin taking withdrawals from his annuity.