Fidelity Investments has added four mutual funds to a variable annuity product it launched in 2005, opting for simplicity in an era where advisors and clients are wary of complexity in variable annuities.

The Fidelity Personal Retirement Annuity was designed for workers without workplace retirement savings plans, or who have maxed-out other savings mechanism like 401(k)s and IRAs, says Jeffrey K. Cimini, president of Fidelity Investments Life Insurance Co. The Boston-based mutual fund company added the BlackRock Global Allocation V.I. Fund, the Franklin U.S. Government Fund, the Templeton Global Bond Securities Fund and the PIMCO VIT CommodityRealReturn Strategy Portfolio to the annuity.

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