A computer implemented data processing system and method administers a deferred variable annuity contract during the accumulation phase for a relevant life. The annuity contract has a payment base value, a contract value, and benefit payments. The system predetermines a series of payout periods, wherein the number of years of each payout period is greater than one year, for predetermining a maximum total withdrawal percent for each payout period. The product of the maximum total withdrawal percent and the payment base value is a maximum benefit payment amount that may be withdrawn during the payout period without reducing the payment base value.