Do variable annuities guarantee the original monetary value of your contract or the number of shares held within the account? I know that variable annuities have fees that reach upwards of 3 to 4% per year. Multiply that times 7 years and that equals 21 to 28 percent. So in other words would those fees be subtracted from your original dollar amount invested if you were to pull everything out after the surrender period expired (and the stock market went sideways or down)?