Where to go with an existing Variable Annuity...

[mja]

Hello, my GF and I are thinking of finding a new home for her variable annuity. It's currently a Lincoln American Legacy annuity, my understanding is that the subaccounts are backed by American Funds. She understands now that it wasn't the best place to put her money, but it is what it is. Its current value is around 170k, and she's outside the surrender charge period.

In my view we have 3 options:
1- Keep it where it is (big downside is the 1.25% M&E)
2- 1035 it to Fidelity (large selection of subaccounts)
3- 1035 it to Vanguard (smaller selection of subaccounts, better indexy choices)

While we try to figure out what to do as far as a custodian, we're also trying to figure out a better asset allocation. It's presently (big groan) 70% "Growth", 15% "Growth-Income" and 15% "International". Her only other assets are a Roth (about 22k), and a house (about 150k).

She's 53, and plans to retire/semi-retire at 60 when she can begin getting survivor benefits from SS. No draw will be required from the annuity or the Roth, as long as I'm still in the picture, and I likely wont be FIREd until she's about 67-68.

I'm looking for advice in two areas...

Has anyone here moved a VA to Fidelity or Vanguard? Which would you choose?

Any thoughts on asset allocation? I'm leaning toward approx 66 stock, 33 fixed; with the stock being split around 60/40 US/Intl, and splitting some of the US to small/med cap. I think that can be accomplished with Vanguard's VA subaccounts, but their fixed choices don't include any TIPS-like funds, which I'd like for part of the fixed.

I appreciate any suggestions! I'm trying to approach this with a "leave the campsite better than you found it" attitude; in the event we ever separate, I'd like her to have a good plan going forward.

Michael