| Accumulation
Unit – An accounting unit of measure used to calculate the Contract
Value allocated to the Variable
Account before the Annuitization Date. |
| Annuitant
– The person(s) whose length of
life determines how long annuity payments are paid. The Annuitant must
be living on the date the contract is issued. |
| Annuitization
Date – The date on which annuity
payments begin. |
| Co-Annuitant
– The person designated by the
Contract Owner to receive the benefit associated with the Spousal
Protection Feature. |
| Contract
Anniversary – Each recurring
one-year anniversary of the date the contract was issued. |
| Contract
Owner(s) – The person(s) who owns all rights under the contract. |
| Contract
Value – The value of all Accumulation Units in a contract. |
| Contract
Year – Each year the contract is in force beginning with the date the contract is issued. |
| Current Income Benefit Base – For purposes of the Nationwide Retirement Income Rider, it is equal to the Original
Income Benefit Base adjusted throughout the life of the contract to account for subsequent purchase payments,
Early Withdrawals, excess withdrawals, and if elected, the Non-Lifetime Withdrawal. This amount is multiplied by the Lifetime Withdrawal Percentage to arrive at the Lifetime Withdrawal Amount. |
| Daily
Net Assets – A figure that is
calculated at the end of each Valuation Date and represents the sum of all
the Contract Owners interests in the Sub-Accounts after the deduction of underlying mutual fund expenses. |
| Early
Withdrawal – For purposes of the Nationwide Retirement Income Rider, any withdrawal(s) taken before the Lifetime Withdrawal Eligibility Date. |
| Individual Retirement Annuity or IRA – An annuity contract that qualifies for
favorable tax treatment under Section 408(b) of the Internal Revenue
Code, but does not include Roth IRAs or Simple IRAs. |
| Lifetime
Withdrawal – For purposes of the
Nationwide Retirement Income Rider, it is a withdrawal of all or a portion
of the Lifetime Withdrawal Amount. |
| Lifetime Withdrawal Amount – For purposes of the Nationwide Retirement Income Rider, the maximum amount that
can be withdrawn during a calendar year without reducing the Current Income Benefit Base. It is calculated annually
on each January 1, by multiplying the Current Income Benefit Base by the applicable Lifetime Withdrawal Percentage. |
| Lifetime Withdrawal Eligibility Date – For purposes of the Nationwide Retirement Income Rider, it is the date the
Contract Owner is eligible to begin Lifetime Withdrawals, which must be on or after the date the Contract Owner reaches age 59 ½, or if the Joint Option for the Nationwide Retirement Income Rider is elected, the date the younger spouse reaches age 59 ½. |
| Lifetime Withdrawal Percentage – An age-based percentage used to determine
the Lifetime Withdrawal Amount
under the Nationwide Retirement Income Rider. The applicable percentage is multiplied by the Current Income Benefit Base to arrive at the Lifetime Withdrawal Amount for any given year. The Rate Sheet Supplement discloses
the Lifetime Withdrawal Percentages that are currently available for new
contracts. |
| Nationwide
– Nationwide Life Insurance Company. |
| Net
Asset Value – The value of one share of an underlying mutual fund at the close of regular trading on the New
York Stock Exchange. |
| Non-Lifetime Withdrawal – For purposes of the Nationwide Retirement Income Rider, a one-time only election to take a withdrawal from the contract that will not initiate the benefit under the option. The
Non-Lifetime Withdrawal is only
available after the first Contract Anniversary and on or after the Lifetime Withdrawal Eligibility Date. |
| Original Income Benefit Base – For purposes of the Nationwide Retirement Income Rider, the initial benefit base calculated on the date the option is elected, which is equal to the Contract Value. |
| Rate
Sheet Supplement – Supplements to the prospectus that we file periodically with the SEC to provide for and
modify certain rates that are associated with various living benefits available under
the contract. The Rate Sheet Supplements disclose the Roll-up Interest Rates, Roll-up Crediting Periods, and Lifetime Withdrawal Percentages
that are currently available for new contracts. |
| Roll-up Crediting Period – For purposes of the Nationwide Retirement Income Rider, beginning with the date the contract is issued, the Roll-up Crediting Period is the maximum period of time that the Roll-up Interest Rate will apply for. The Rate Sheet Supplement discloses the Roll-up Crediting Periods that are currently available for new contracts. |
| Roll-up
Interest Rate – For purposes of the Nationwide Retirement Income Rider, the simple interest rate used to determine the roll-up in the calculation of the Current Income Benefit Base. The Rate Sheet Supplement discloses the Roll-up Interest Rates that are currently available for new contracts. |
| Roth
IRA – An annuity contract that qualifies for favorable tax treatment under Section 408A of the Internal Revenue
Code. |
| SEC – Securities and Exchange
Commission. |
| Service
Center – The department of Nationwide responsible for receiving all service and transaction requests relating to the contract. For service and transaction requests submitted other than by telephone (including fax requests), the
Service Center is Nationwide's mail and document processing facility. For service and transaction requests communicated by telephone, the Service Center is Nationwide's operations processing facility. Information on how to contact the Service Center is in the Contacting the Service Center provision in the statutory prospectus.
|
| Sub-Accounts
– Divisions of the Variable Account, each of which invests in a single underlying mutual fund. |
| Valuation
Date – Each day the New York Stock Exchange is open for business or any other day during which there is
a sufficient degree of trading such that the current Net Asset Value of the underlying mutual fund shares might be
materially affected. Values of the Variable Account are determined as of the close of regular trading on the New
York Stock Exchange, which generally closes at 4:00 p.m.
EST. |
| Valuation
Period – The period of time commencing at the close of a Valuation
Date and ending at the close of regular trading on the New York Stock Exchange for the next succeeding Valuation
Date. |
| Variable Account – Nationwide Variable Account-5, a separate account that Nationwide established to hold Contract Owner assets allocated to variable investment options. The Variable Account is divided into Sub-Accounts, each of
which invests in a separate underlying mutual fund. |
| FEES AND EXPENSES
(see Additional
Information About Fees later in this summary prospectus and Charges and Deductions in the statutory
prospectus) | |||
| Charges for Early Withdrawals |
If the Contract Owner withdraws money from the contract within 5 years following his/her
last purchase payment, a Contingent Deferred Sales Charge (or "CDSC")
may apply (see Contingent Deferred Sales
Charge in the statutory prospectus). The CDSC is used to recoup sales and other expenses associated with the contract that Nationwide incurs during the early years of the contract. The CDSC will not exceed 2% of the amount of
purchase payments withdrawn.
For example, for a contract with a $100,000 investment, a withdrawal taken during
the CDSC period could result in a CDSC of up to $2,000.
| ||
| Ongoing Fees and
Expenses (annual
charges) |
The table below describes the fees and expenses that you may pay each year. The
Nationwide Retirement Income Rider is included with all contracts, and
currently there is no additional charge for election of the Joint
Option for the Nationwide Retirement Income Rider. In addition,
currently there is only one Sub-Account available for direct allocation by
the Contract Owner. Please refer to your contract specifications page for information about
the specific fees you will pay each year. |
||
| Annual Fee |
Minimum |
Maximum | |
| Base Contract |
[____]%1 |
[____]%1 | |
| Investment options (underlying mutual fund fees
and expenses) |
[____]%2 |
[____]%2 | |
| 1 Includes the Mortality and Expense Risk Charge (assessed as a percentage of Daily Net
Assets) and the Nationwide Retirement Income Rider charge (assessed as a percentage
of Current Income Benefit Base).
2As a percentage of underlying mutual fund assets. | |||
| Because each contract is customizable, the options elected affect how much
each Contract Owner will pay. To help you understand the cost of owning the contract, the
following table shows the lowest and highest cost a Contract Owner could pay each year,
based on current charges. This estimate assumes that no withdrawals are taken from
the contract, which could add a CDSC that substantially increases costs.
| |||
| Lowest Annual Cost Estimate:
$[______] |
Highest Annual Cost Estimate:
$[______]
| ||
| Assumes: • Investment of $100,000 • 5% annual appreciation
• Least expensive underlying mutual fund fees and expenses
• No optional benefits
• No CDSC
• No additional purchase payments, transfers or withdrawals |
Assumes:
• Investment of $100,000
• 5% annual appreciation
• Most expensive combination of optional benefits and underlying mutual fund fees and expenses
• No CDSC
• No additional purchase payments, transfers or withdrawals | ||
| RISKS | |
| Risk of Loss |
Contract Owners of variable annuities can lose money by investing in the contract, including loss of principal (see Principal Risks in the statutory prospectus). |
| Not a Short-Term
Investment |
The contract is not a short-term investment and is not appropriate for an investor who
needs ready access to cash. Nationwide has designed the contract to offer features,
pricing, and investment options that encourage long-term ownership (see Principal Risks in
the statutory prospectus). A CDSC may apply for up to 5 years following the last purchase payment and could reduce
the value of the contract if purchase payments are withdrawn during that time (see
Contingent Deferred Sales Charge in the statutory prospectus). The benefits of tax deferral and living benefit protections also mean that the contract is more beneficial to
investors with a long time horizon (see Principal Risks in the statutory prospectus). |
| RISKS | |
| Risks Associated with
Investment Options |
• Investment in this contract is subject to the risk of poor investment performance of the
investment option(s) available under the contract. Currently, there is only one
investment option available for direct allocation by the Contract Owner.
• Each investment option has its own unique risks. If the Contract Owner is not satisfied with the available investment option or it does not meet their investment objectives, their
only course of action may be to surrender the contract and forego any of its
benefits. • Review the prospectus and disclosures for the available investment option before
making an investment decision. See Principal Risks in the statutory prospectus. |
| Insurance Company Risks |
Investment in the contract is subject to the risks associated with Nationwide, including that any obligations, guarantees, or benefits are subject to the claims-paying ability of
Nationwide. More information about Nationwide, including its financial strength ratings, is available by contacting Nationwide at the address and/or toll-free phone number indicated in Contacting the Service Center in the statutory prospectus (see Principal Risks in the statutory prospectus). |
| RESTRICTIONS |
|
| Investments |
• Currently, only a single Sub-Account is available under the contract for direct allocation by the Contract Owner, and there are no alternative investment options available. • Nationwide reserves the right to add, remove, and substitute investment options
available under the contract (see The Sub-Accounts and Underlying Mutual Funds in the statutory prospectus). If the current Sub-Account is substituted for another Sub-
Account, the substitute Sub-Account will have a similar investment objective, investment strategy, and fees and expenses. |
| Nationwide Retirement
Income Rider and Joint
Option for the Nationwide
Retirement Income Rider |
• Nationwide reserves the right to discontinue offering any living benefit. Such a discontinuance will only apply to new contracts and will not impact any contracts already
in force.
• Nationwide reserves the right to limit or restrict the investment options available for
investment with the living benefits.
• While withdrawals are not restricted, the impact of certain withdrawals could have a
negative impact on the amount of the benefit ultimately available.
• Certain withdrawals could negatively impact the amount of the benefit by an amount
greater than the amount withdrawn and/or could terminate the living
benefit. See Benefits Under the Contract in the statutory prospectus. |
| TAXES | |
| Tax Implications |
• Consult with a tax professional to determine the tax implications of an investment in and
payments received under this contract.
• If the contract is purchased through a tax-qualified plan or IRA, there is no additional tax deferral. • Earnings in the contract are taxed at ordinary income tax rates at the
time of withdrawals and there may be a tax penalty if withdrawals
are taken before the Contract Owner reaches age 59½. See Appendix B: Contract Types and Tax Information in the statutory prospectus. |
| CONFLICTS OF INTEREST | |
| Investment Professional
Compensation |
Some financial professionals receive compensation in the form of a commission for
selling the contract. This conflict of interest may influence a
financial professional, as these financial professionals may have a
financial incentive to offer or recommend this contract over another
investment (see Distribution, Promotional, and Sales Expenses in the statutory prospectus). |
| Exchanges |
Some financial professionals may have a financial incentive to offer an investor a new
contract in place of the one he/she already owns. An investor should only exchange
his/her contract if he/she determines, after comparing the features,
fees, and risks of both contracts, that it is preferable for him/her
to purchase the new contract, rather than to continue to own the
existing one (see Replacements and Distribution, Promotional, and Sales Expenses in the statutory prospectus). |
| Name of Benefit |
Purpose |
Maximum
Fee |
Brief Description of Restrictions/Limitations
|
| Standard Death Benefit
(Return of Premium) |
Death Benefit upon death of Annuitant prior to Annuitization |
None |
• Nationwide may limit purchase payments to $1,000,000 • Death Benefit calculation is adjusted if purchase payments exceed $3,000,000 |
| Spousal Protection
Feature |
Second death benefit |
None |
• One or both spouses (or a revocable trust of which either or both of the spouses is/are grantor(s)) must be named as the Contract Owner
• For contracts issued as an IRA or Roth IRA, only the person for whom the IRA or Roth IRA was established may be named as the Contract Owner
• Only available to Contract Owner’s spouse • Spouses must be Co-Annuitants • Both spouses must be 80 or younger at contract
issuance
• Spouses must be named as beneficiaries • No other person may be named as Contract Owner,
Annuitant, or primary beneficiary • If the Contract Owner requests to add a Co- Annuitant after contract issuance, the date of
marriage must be after the contract issue date and
Nationwide will require the Contract Owner to provide a copy of the marriage certificate |
| Nationwide Retirement
Income Rider |
Guaranteed lifetime
income stream |
[____]%
(Current Income Benefit Base) |
• Guaranteed income stream is not available until the
determining life is age 59 ½ or older
• Benefit is irrevocable • Not available for beneficially owned contracts
• Nationwide reserves the right to limit or restrict the
available investment options
• Determining life must be between 50 and 80 at application • Determining life cannot be changed
• Restrictions exist on the parties named to the contract |
| Name of Benefit |
Purpose |
Maximum
Fee |
Brief Description of Restrictions/Limitations
|
| Joint Option for the
Nationwide Retirement
Income Rider |
Extension of
guaranteed lifetime
income stream for
spouse |
[____]%
(Current Income Benefit Base) |
• Guaranteed income stream is not available until
both spouses are age 59 ½ or older
• Must be elected at application • Limitations on revocability
• Not available for beneficially owned contracts • Nationwide reserves the right to limit or restrict the
available investment options
• Only available to Contract Owner’s spouse • Both spouses must be between 50 and 80 at
application
• Restrictions exist on the parties named to the contract |
| Transaction Expenses | |
| Maximum Contingent Deferred Sales Charge ("CDSC") (as a percentage of
purchase payments withdrawn) |
2% |
| Number of Completed Years from Date of Purchase Payment |
0 |
1 |
2 |
3 |
4 |
5+ |
| CDSC Percentage |
2% |
2% |
2% |
2% |
2% |
0% |
| Annual Contract Expenses | |
| Base Contract Expense1 (assessed as an annualized percentage of Daily Net Assets) |
[____]% |
| Living Benefit Expenses2(assessed annually as a percentage of the Current Income Benefit Base3) |
|
| Nationwide Retirement Income Rider Charge (included with all
contracts) |
[____]% |
| Annual Underlying Mutual Fund Expenses | ||
| |
Minimum |
Maximum |
| (Expenses that are deducted from underlying mutual fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses, as a percentage of average underlying mutual fund net
assets.) |
[____]% |
[____]% |
| |
If the contract is surrendered at the end of the applicable time
period |
If the contract is annuitized at the end of the applicable time
period |
If the contract is not surrendered | |||||||||
| |
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
1 Yr. |
3 Yrs. |
5 Yrs. |
10 Yrs. |
| Maximum Annual
Underlying Mutual Fund
Expenses ([____]%) |
$[____] |
$[____] |
$[____] |
$[____] |
* |
$[____] |
$[____] |
$[____] |
$[____] |
$[____] |
$[____] |
$[____] |
| Minimum Annual
Underlying Mutual Fund
Expenses ([____]%) |
$[____] |
$[____] |
$[____] |
$[____] |
* |
$[____] |
$[____] |
$[____] |
$[____] |
$[____] |
$[____] |
$[____] |
| Type |
Underlying Mutual Fund and Adviser/Subadviser |
Current
Expenses |
Average Annual Total
Returns
(as of 12/31/2022) | ||
| 1 year |
5 year |
10 year | |||
| Allocation |
Fidelity Variable Insurance Products - VIP
FundsManager 60% Portfolio: Investor Class
Investment Advisor: Fidelity Management & Research
Company LLC (FMR) |
[____]%* |
[___]% |
[___]% |
[___]% |
| Money Market |
Fidelity Variable Insurance Products Fund - VIP
Government Money Market Portfolio: Investor Class
Investment Advisor: Fidelity Management & Research
Company LLC (FMR) |
[____]% |
[___]% |
[___]% |
[___]% |