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 and a contract value. The system has a processor for determining a present payment base value, for determining a present contract value, for determining a withdrawal percent, and for calculating a lifetime benefit payment responsive to a request; wherein the maximum lifetime benefit payment withdrawal is Greater of ((Present Payment Base×Withdrawal Percent) or (Present Contract Value×Withdrawal Percent)).