| As we continue to transform our business and product lineup, we are deepening our focus on Protected Outcomes – strategies that help more Americans grow and protect their assets, delivered through simpler and more powerful technology-enabled experiences. For Prudential, this pivot also is designed to help reduce business complexity and interest rate sensitivity, while improving overall capital efficiency. In line with these goals, we are making the following changes to our variable annuity products and guaranteed living benefits effective December 31, 2020. As of December 4, 2020, we will only accept applications for the below products with direct funding. Applications with transfer of asset paperwork or where clients are going for funds will be declined if received on or after December 4. All applications and/or initial funding received after December 31, 2020 will also be declined. |
Product Closures
The following products and their respective benefits will no longer be available for new business.
- Prudential Premier Retirement Variable Annuity B Series
- Prudential Premier Retirement Variable Annuity C Series
- Prudential Premier Advisor Variable Annuity
- Prudential Defined Income Variable Annuity
Optional Benefit Closures
Benefits associated with the closed products noted above will no longer be available for election for new business and existing clients. This includes:
- Highest Daily Lifetime Income v2.1 benefit suite
- Highest Daily Lifetime Income v3.0 benefit suite
- Legacy Protection Plus
In addition, the following benefit will no longer be available for election for new business and existing clients:
- Defined Income Benefit available on the Prudential MyRockSM Advisor Variable Annuity
Changes to Future Additional Premiums
We will begin restricting additional premiums (“sub-pays”) when guaranteed living benefits have been elected as follows:
Please see the prospectus supplements and transition rules for more information regarding these changes. Please note that all products and/or benefits may not be available with all broker-dealers.
These changes will be communicated to all impacted in-force clients and your financial professionals on or about November 5, 2020.
We remain committed to supporting you and serving your clients as they continue to benefit from the value our annuity products and optional benefits provide.
The Annuities business remains a key contributor to Prudential’s diversified mix of businesses, and these decisions help us build an even stronger foundation for our future growth in Protected Outcomes. Our series of recent product suite expansions, including FlexGuard, the development of the Dynamic Income Benefit on our fee-based MyRock Advisor Variable Annuity, and the launch of our new concierge sales channel model for Registered Investment Advisors (RIAs) are each consistent with this focus.
We will continue to innovate, enhance, and develop additional income and protection solutions, working together with broker-dealers and financial professionals to expand our reach to more people, and ensuring that individuals have access to the solutions they need to plan for the life they want to live.
For any questions related to these changes, please contact the National Sales Desk at 1-800-513-0805.
Investors should consider the features of the contract, index strategies, and the underlying portfolios’ investment objectives, policies, management, risks, charges and expenses carefully before investing. This and other important information is contained in the prospectus, which can be obtained by contacting the National Sales Desk. Clients should read the prospectus carefully before investing.
Annuities are issued by Pruco Life Insurance Company (in New York, by Pruco Life Insurance Company of New Jersey), located in Newark, NJ (main office), or by Prudential Annuities Life Assurance Corporation located in Shelton, CT. (main office). Variable annuities are distributed by Prudential Annuities Distributors, Inc., Shelton, CT. Prudential Annuities is a business of Prudential Financial, Inc.
© 2020 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
For Broker – Dealer Use Only. Not for Use With the public.
1041655-00002-00 Ed. 11/2020
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