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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/25/22 New England Var Annuity Sep Acct 485BPOS 4/29/22 8:2.8M Donnelley … Solutions/FA → New England Variable Annuity Separate Account ⇒ American Forerunner Series |
Document/Exhibit Description Pages Size 1: 485BPOS American Forerunner Series Post-Effective HTML 1.03M Amendment No. 33 2: EX-99.(F)(V) Amended and Restated By-Laws of Nelico HTML 44K 3: EX-99.(H)(III)(C) Amendment to American Funds Insurance HTML 31K Series Participation Agreement 5: EX-99.(H)(IX)(B) Amendment to Brighthouse Funds Trust Ii HTML 32K Participation Agreement 4: EX-99.(H)(VIII)(B) Amendment to Brighthouse Funds Trust I HTML 32K Participation Agreement 6: EX-99.(L)(I) Consent of Independent Registered Public HTML 6K Accounting Firm (D&T) 7: EX-99.(L)(II) Consent of Independent Auditor (D&T) HTML 6K 8: EX-99.Q Powers of Attorney HTML 38K
American Forerunner Series Post-Effective Amendment No. 33 |
Registration Statement Under the Securities Act of 1933 | □ |
Pre-Effective Amendment No. | □ |
Post-Effective Amendment No. 33 | ☒ |
And | |
Registration Statement Under the Investment Company Act of 1940 | □ |
Amendment No. 73 | ☒ |
Issued By | |
New England Variable Annuity Separate Account of | Annuity Administrative Office |
New England Life Insurance Company | P.O. Box 305075 |
125 High Street, Suite 732 | Nashville, TN 37230-5075 |
Boston, Massachusetts 02110 | |
(800) 435-4117 |
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Fees and Expenses | Location
in Prospectus | ||||
Charges for Early Withdrawals | Your Contract may be subject to Withdrawal Charges depending on the Class of Contract that you own.• Standard Class: If you withdraw money during the first 7 years following a purchase payment, you may be assessed a Withdrawal Charge of up to 7% of the purchase payment withdrawn, declining to 0% over that time period.• B Plus Class: If you withdraw money during the first 9 years following a purchase payment, you may be assessed a Withdrawal Charge of up to 9% of the purchase payment withdrawn, declining to 0% over that time period.• L Class: If you withdraw money during the first 3 years following a purchase payment, you may be assessed a Withdrawal Charge of up to 7% of the purchase payment withdrawn, declining to 0% over that time period.• P Class: If you withdraw money during the first 9 years following a purchase payment, you may be assessed a Withdrawal Charge of up to 8% of the purchase payment withdrawn, declining to 0% over that time period.• C Class: No Withdrawal Charges.For example, if you make a $100,000 investment and take an early withdrawal, you could pay a Withdrawal Charge of up to $7,000 for a Standard Class Contract, $9,000 for a B Plus Class Contract, $7,000 for an L Class Contract, or $8,000 for a P Class Contract. No Withdrawal Charges would apply to a C Class Contract. | Fee
Table and Examples Asset-Based Insurance Charge, Withdrawal Charge and Other Deductions – Withdrawal Charge | |||
Transaction Charges | In
addition to Withdrawal Charges (if any), you also may be charged for the following transactions: transfers of cash value between investment options, which include the Eligible Funds and the Fixed Account. Transfer Fee. Currently, we allow unlimited transfers among the investment options without charge. However, we reserve the right to charge for transfers after the first 12 transfers per year. |
Fee
Table and Examples The Contracts – Transfer Privilege |
Fees and Expenses | Location
in Prospectus | ||||
Ongoing Fees and Expenses (annual charges) | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. | Fee
Table and Examples Asset-Based Insurance Charge, Withdrawal Charge and Other Deductions Appendix A: Eligible FundsAvailable Under the Contract | |||
Annual Fee | Minimum | Maximum | |||
Base
Contract (varies by Contract Class)1 |
1.17% | 1.62% | |||
Investment
options (Portfolio Company fees and expenses)2 |
0.52% | 1.21% | |||
Optional
benefits available for an additional charge (for a single optional benefit, if elected) |
0.20% 3 | 1.50% 4 | |||
1 As a percentage of average daily net assets in the subaccounts. The charge shown also includes the annual Contract Administrative
Fee. 2 As a percentage of fund assets before temporary expense reimbursements and/or fee waivers, plus any applicable Platform Charge. 3 As a percentage of average daily net assets in the subaccounts. This charge is the current charge for the least expensive optional benefit. 4 As a percentage of the Total Guaranteed Withdrawal Amount, which is a value used to calculate your benefit. This charge is the current charge for the most expensive optional benefit. | |||||
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add Withdrawal Charges that substantially increase costs. | |||||
Lowest
Annual Cost $1,644 |
Highest
Annual Cost $5,940 | ||||
Assumes: | Assumes: | ||||
• Investment of $100,000• 5% annual appreciation• Least expensive combination of Contract Classes and Portfolio Company fees and expenses• No optional benefits• No bonuses• No additional Purchase Payments, transfers, or withdrawals | • Investment of $100,000• 5% annual appreciation• Most expensive combination of Contract Classes, optional benefits and Portfolio Company fees and expenses• No bonuses• No additional Purchase Payments, transfers, or withdrawals |
Risks | Location
in Prospectus | ||||
Risk of Loss | You can lose money by investing in this Contract including loss of principal. | Principal Risks of Investing in the Contract | |||
Not a Short-Term Investment | • This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash.• Unless you own a C Class Contract, if you take an early withdrawal, Withdrawal Charges may apply that will reduce the value of your Contract.• The benefits of tax deferral and living benefit protection also mean the Contract is more beneficial to investors with a long time horizon. | Principal Risks of Investing in the Contract | |||
Risks Associated with Investment Options | • An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract (e.g., Portfolio Companies).• Each investment option, including the Fixed Account, has its own unique risks.• You should review the prospectuses for the available funds and the prospectus disclosure concerning the Fixed Account before making an investment decision. | Principal Risks of Investing in the Contract | |||
Insurance Company Risks | An investment in the Contract is subject to the risks related to us. Any obligations (including under the Fixed Account) and guarantees and benefits of the Contract that exceed the assets of the Variable Account are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. More information about NELICO, including our financial strength ratings, is available by contacting us at (888) 243-1968. | Principal Risks of Investing in the Contract | |||
Restrictions | |||||
Investments | • Currently, we allow unlimited transfers without charge among investment options during the accumulation phase. However, we reserve the right to impose a charge for transfers in excess of 12 per year.• Special rules may limit the amount that may be transferred from the Fixed Account during a Contract Year.• We may limit or prohibit subsequent purchase payments.• We reserve the right to limit transfers in circumstances of frequent or large transfers.• We reserve the right to remove or substitute the Portfolio Companies available as investment options under the Contract. | The
Variable Account The Contracts The Fixed Account | |||
Optional Benefits | • Certain optional benefits limit or restrict the investment options that you may select under the Contract. We may change these restrictions in the future.• Certain optional benefits could limit subsequent purchase payments.• Withdrawals may reduce the value of an optional benefit by an amount greater than the value withdrawn, which could significantly reduce the value or even terminate the benefit.• For B Plus Contracts, bonus amounts may not be included in the calculation of an optional benefit, as well as the standard death benefit. | Benefits
Available Under the Contract Appendix B:Eligible Funds Available Under the Benefits Offered Under the Contract |
Taxes | Location
in Prospectus | ||||
Tax Implications | • Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.• If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.• You will generally not be taxed on increases in the value of the Contract until they are withdrawn. Withdrawals will be subject to ordinary income tax, and may be subject to tax penalties if you take a withdrawal before age 59 1⁄2. | Federal Income Tax Considerations | |||
Conflicts of Interest | |||||
Investment
Professional Compensation |
Your investment professional may receive compensation for selling this Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This conflict of interest may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. | Distribution of the Contracts | |||
Exchanges | If you already own an insurance contract, some investment professionals may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange a contract you already own if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract. | Replacement of Contracts |
• | Dollar Cost Averaging Programs. These programs allow you to systematically transfer a set amount each month among the available investment options. The programs are standard Dollar Cost Averaging and Enhanced Dollar Cost Averaging. |
• | Asset Rebalancing. This program directs us to automatically rebalance your Contract to return to your original percentage investment allocations on a periodic basis. |
• | Systematic Withdrawals. This program allows you to receive regular automatic withdrawals from your Contract, provided that each payment must amount to at least $100 (unless we consent otherwise). |
Standard Class | B Plus Class | C Class | L Class | P Class | ||||||
Withdrawal Charge(1) (as a percentage of each purchase
payment) |
7% | 9% | None | 7% | 8% |
Transfer
Fee(2) |
$25
$0 (First 12 per year) |
(1) | The Withdrawal Charge may also apply if you annuitize under a period certain option for a specified period of less than 15 years. The Withdrawal Charge is a declining percentage of each purchase payment and varies by Contract Class as follows. (See "Asset-Based Insurance Charge, Withdrawal Charge and Other Deductions—Withdrawal Charge.") |
Number
of Complete Years from Receipt of Purchase Payment |
Standard Class | B Plus Class | C Class | L Class | P Class | |||||
0 |
7% | 9% | None | 7% | 8% | |||||
1 |
6% | 8% | 6% | 8% | ||||||
2 |
6% | 8% | 5% | 8% | ||||||
3 |
5% | 7% | 0% | 7% | ||||||
4 |
4% | 6% | 0% | 6% | ||||||
5 |
3% | 5% | 0% | 5% | ||||||
6 |
2% | 4% | 0% | 4% | ||||||
7 |
0% | 2% | 0% | 3% | ||||||
8 |
0% | 2% | 0% | 2% | ||||||
9 and
thereafter |
0% | 0% | 0% | 0% |
(2) | Currently, we do not charge this fee. We reserve the right to limit the number and dollar amount of transfers and impose a transfer fee of up to $25 per transfer. We will not restrict transfers to less than 12 per Contract Year. |
Administrative
Expenses(1) |
$30 |
Standard Class | B Plus Class(3) | C Class | L Class | P Class | ||||||
Base Contract Expenses(2) (as a percentage of average daily net assets in the
subaccounts) |
1.25% | 1.60% | 1.60% | 1.50% | 1.15% |
Optional Death Benefit – Annual Step-Up Death Benefit(5) (as a percentage of
average daily net assets in the
subaccounts) |
0.20% | |
Optional Death Benefit – Greater of Annual Step-Up or 5% Annual Increase Death Benefit(5) (as a percentage of average daily net assets in the
subaccounts) |
0.35% | |
Additional
Death Benefit – Enhanced Death Benefit Rider(6) as a percentage of the death benefit base) |
||
Maximum
Charge |
1.50% | |
Current Charge (issue age
0-69) |
0.75% | |
Current Charge (issue age
70-75) |
0.95% | |
Earnings Preservation Benefit Rider(7) (as a percentage of average daily net assets
in the
subaccounts) |
0.25% | |
Guaranteed
Minimum Income Benefit Plus II(8),(9) (as a percentage of the Income Base) |
||
Maximum
Charge |
1.50% | |
Current
Charge |
1.00% | |
Guaranteed
Minimum Income Benefit Plus I(9) (as a percentage of the Income Base) |
||
Maximum
Charge |
1.50% | |
Current
Charge |
0.80% | |
Guaranteed
Minimum Income Benefit II or Guaranteed Minimum Income Benefit I(9) (as a percentage of the Income Base) |
||
Maximum
Charge |
0.50% | |
Current
Charge |
0.50% | |
Guaranteed
Withdrawal Benefit I(10) (as a percentage of the Total Guaranteed Withdrawal Amount) |
||
Maximum
Charge |
0.95% | |
Current
Charge |
0.50% |
Enhanced
Guaranteed Withdrawal Benefit(10) (as a percentage of the Total Guaranteed Withdrawal Amount) |
||
Maximum
Charge |
1.00% | |
Current
Charge |
0.55% | |
Lifetime
Withdrawal Guarantee II Benefit (Single Life Version)(11) (as a percentage of the Total Guaranteed Withdrawal Amount) |
||
Maximum
Charge |
1.60% | |
Current
Charge |
1.25% | |
Lifetime
Withdrawal Guarantee II Benefit (Joint Life Version)(11) (as a percentage of the Total Guaranteed Withdrawal Amount) |
||
Maximum
Charge |
1.80% | |
Current
Charge |
1.50% | |
Lifetime
Withdrawal Guarantee I Benefit (Single Life version)(11) (as a percentage of the Total Guaranteed Withdrawal Amount) |
||
Maximum
Charge |
0.95% | |
Current
Charge |
0.50% | |
Lifetime
Withdrawal Guarantee I Benefit (Joint Life version)(11) (as a percentage of the Total Guaranteed Withdrawal Amount) |
||
Maximum
Charge |
1.40% | |
Current
Charge |
0.70% | |
Guaranteed Minimum Accumulation Benefit(12) (as a percentage of the Guaranteed
Accumulation
Amount) |
0.75% |
(1) | We call this fee the “Contract Administrative Fee” in your Contract, as well as in other places in the prospectus. We deduct the fee on each Contract Anniversary if the Contract Value is less than $50,000. We will also deduct this fee on full withdrawal (regardless of Contract Value) and pro rata on annuitization (if the Contract Value is less than $50,000). We reserve the right to deduct this fee during the annuity phase, pro rata from each annuity payment. In the section entitled “Important Information You Should Consider About The Contract” earlier in the prospectus, we are required to present this fee as part of the Base Contract. |
(2) | We call this the “Asset-Based Insurance Charge” in your Contract, as well as in other places in the prospectus. The Asset-Based Insurance Charge in this table will continue to apply after annuitization, except that for the B Plus Class and the P Class, the charge will be 1.25%. This table does not reflect the additional Asset-Based Insurance Charge for certain optional benefits. See the “Optional Benefit Expenses” table in this section. Nor does this table reflect the additional Asset-Based Insurance Charge of 0.25% on amounts invested in certain subaccounts. These additional Asset-Based Insurance Charges, also referred to as “Platform Charges” in this prospectus, are reflected in Appendix A. We reserve the right to impose a Platform Charge on other subaccounts that we add to the Contract in the future, not to exceed an annual rate of 0.25%. |
(3) | This charge will be reduced on the B Plus Class by 0.35% after the expiration of the 9-year Withdrawal Charge period. |
(4) | The optional benefits are no longer available for purchase. |
(5) | This charge is reflected as an additional Asset-Based Insurance Charge in your Contract, as well as in other places in the prospectus. For Contracts issued prior to May 1, 2003, the Asset-Based Insurance Charge for the Annual Step-Up Death Benefit and the Greater of Annual Step-Up or 5% Annual Increase Death Benefit is 0.10% lower than what is described in the table. |
(6) | The death benefit base is initially set at an amount equal to your initial purchase payment. The death benefit base is adjusted for subsequent purchase payments and withdrawals. See “THE CONTRACTS – Enhanced Death Benefit.” If you elect an Optional Step-Up, we may increase the charge. Different charges for the Enhanced Death Benefit were in effect prior to May 4, 2009. See “ASSET-BASED INSURANCE CHARGE, WITHDRAWAL CHARGE AND OTHER DEDUCTIONS – Enhanced Death Benefit Rider” for more information. |
(7) | This charge is reflected as an additional Asset-Based Insurance Charge in your Contract, as well as in other places in the prospectus. |
(8) | For Contracts issued in New York State only, the GMIB Plus II rider charge is 0.95%. |
(9) | The Income Base is based on the greater of premiums accumulated with interest and the greatest anniversary value for the Contract, subject to certain limitations. If you elect an Optional Reset under GMIB Plus I or an Optional Step-Up under GMIB Plus II, we may increase the charge but the charge will not exceed the maximum charge listed in this table. Different charges for GMIB II and GMIB I were in effect prior to May 1, 2005. Different charges for GMIB Plus I were in effect prior to February 26, 2007. Different charges for GMIB Plus II were in effect prior to February 24, 2009. See “ASSET-BASED INSURANCE CHARGE, WITHDRAWAL CHARGE AND OTHER DEDUCTIONS – Guaranteed Minimum Income Benefit Rider” and “GUARANTEED INCOME BENEFITS” for more information. |
(10) | The Guaranteed Withdrawal Amount initially equals your purchase payments (and any applicable GWB Bonus Amount). If you elect an Optional Reset as permitted under this benefit, we may increase the Guaranteed Withdrawal Benefit charge to the then current charge applicable to the same rider, but no more than the maximum percentage of the Guaranteed Withdrawal Amount stated above. Different charges for Enhanced Guaranteed Withdrawal Benefit were in effect prior to July 16, 2007. See “ASSET-BASED INSURANCE CHARGE, WITHDRAWAL CHARGE AND OTHER DEDUCTIONS – Lifetime Withdrawal Guarantee and Guaranteed Withdrawal Benefit Rider” and “GUARANTEED WITHDRAWAL BENEFITS” for more information. |
(11) | The Total Guaranteed Withdrawal Amount initially equals your initial purchase payment. If an Automatic Annual Step-Up occurs under the Lifetime Withdrawal Guarantee, we may increase the charge. Different charges for LWG II were in effect prior to February 24, 2009. See “ASSET-BASED INSURANCE CHARGE, WITHDRAWAL CHARGE AND OTHER DEDUCTIONS – Lifetime Withdrawal Guarantee and Guaranteed Withdrawal Benefit Rider” and “GUARANTEED WITHDRAWAL BENEFITS” for more information. |
(12) | The Guaranteed Accumulation Amount equals a percentage of the purchase payments you made during the first 120 days that you held the Contract, less reductions for any withdrawals (and related Withdrawal Charges) that you made at any time before the Rider Maturity Date. See “ASSET-BASED INSURANCE CHARGE, WITHDRAWAL CHARGE AND OTHER DEDUCTIONS – Guaranteed Minimum Accumulation Benefit” for more information. |
Minimum | Maximum | ||
Total Annual Eligible Fund Expenses | |||
(expenses that are deducted from Eligible Fund assets, including management fees, distribution and/or service (12b-1) fees, and other
expenses) |
0.52% | 1.21% |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$12,740 | $23,555 | $33,916 | $63,383 | |||
(b)
........................ |
$12,050 | $21,543 | $30,670 | $57,522 |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$5,740 | $17,555 | $29,916 | $63,383 | |||
(b)
........................ |
$5,050 | $15,543 | $26,670 | $57,522 |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$15,333 | $27,689 | $40,107 | $74,799 | |||
(b)
........................ |
$14,615 | $25,529 | $36,505 | $67,678 |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$6,333 | $19,689 | $34,107 | $74,799 | |||
(b)
........................ |
$5,615 | $17,529 | $30,505 | $67,678 |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$6,090 | $18,564 | $31,527 | $66,198 | |||
(b)
........................ |
$5,400 | $16,567 | $28,328 | $60,548 |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$12,990 | $23,277 | $31,069 | $65,404 | |||
(b)
........................ |
$12,300 | $21,275 | $27,857 | $59,694 |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$5,990 | $18,277 | $31,069 | $65,404 | |||
(b)
........................ |
$5,300 | $16,275 | $27,857 | $59,694 |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$13,640 | $25,265 | $35,451 | $62,560 | |||
(b)
........................ |
$12,950 | $23,249 | $32,191 | $56,637 |
1 Year | 3 Years | 5 Years | 10 Years | ||||
(a)
........................ |
$5,640 | $17,265 | $29,451 | $62,560 | |||
(b)
........................ |
$4,950 | $15,249 | $26,191 | $56,637 |
• | For the Standard and P Classes only, when the Contract is bought as part of an individual retirement account under Section 408(a) of the Internal Revenue Code (the “Code”) or individual retirement annuity under Section 408(b) of the Code (both referred to as “IRAs”), or as a Roth IRA under Section 408A of the Code (“Roth IRA”), if you choose to have monthly purchase payments withdrawn from your financial institution account through debit authorization we will accept a monthly minimum of $100 in lieu of a single $2,000 initial purchase payment. |
• | For all other Contracts, we may accept monthly subsequent purchase payments as low as $100 per month if they are made through our automated payment program. The minimum initial purchase payment for the selected class must still be met. |
• | We reserve the right to refuse purchase payments made via personal check in excess of $100,000. Purchase payments over $100,000 may be accepted in other forms, including but not limited to, EFT/wire transfers, certified checks, corporate checks, and checks written on financial institutions. The form in which we receive a purchase payment may determine how soon subsequent disbursement requests may be filled. (See “Withdrawals.”) |
• | If you send your purchase payment or transaction requests to an address other than the one we have designated for receipt of such purchase payments or requests, we may return the purchase payment to you, or there may be a delay in applying the purchase payment or transaction to your contract. |
• | We will not accept purchase payments made with cash, money orders or travelers checks. |
Issue Age | Percentage | |
Ages 69 or
younger |
40% | |
Ages
70-79 |
25% | |
Ages 80 and
above |
0% |
• | any applicable Withdrawal Charge and |
• | the Contract Administrative Fee. |
• | Federal tax laws impose penalties on certain premature distributions from the Contracts. Full and partial withdrawals and systematic withdrawals prior to age 59 1⁄2 may be subject to a 10% penalty tax (and 25% in the case of a withdrawal from a SIMPLE IRA within the first two years.). (See “FEDERAL INCOME TAX CONSIDERATIONS.”) |
• | You must submit a request to our Annuity Administrative Office. (See “Requests and Elections.”) |
• | You must provide satisfactory evidence of terminal illness, confinement to a nursing home or permanent and total disability (as defined in the Contract) if you would like to have the Withdrawal Charge waived. (See “ASSET-BASED INSURANCE CHARGE, WITHDRAWAL CHARGE AND OTHER DEDUCTIONS.”) |
• | You must state in your request whether you would like to apply the proceeds to a payment option (otherwise you will receive the proceeds in a lump sum and may be taxed less favorably). |
• | We have to receive your withdrawal request in our Annuity Administrative Office prior to the Maturity Date or the Contract Owner’s death; provided, however, that you may submit a written withdrawal request any time prior to the Maturity Date that indicates that the withdrawal should be processed as of the Maturity Date. Solely for the purpose of calculating and processing such a withdrawal request, the request will be deemed to have been received on, and the withdrawal amount will be priced according to the accumulation unit value calculated as of, the Maturity Date. Your request must be received at our Annuity Administrative Office on or before the Maturity Date. |
• | change the Beneficiary (See also, “Abandoned Property Requirements” below) |
• | change the Annuitant before the Annuity Date (subject to our underwriting and administrative rules) |
• | assign the Contract (subject to limitations) |
• | change the payment option |
• | exercise all other rights, benefits, options and privileges allowed by the Contract or us. |
• | By Telephone (1-888-243-1932), between the hours of 9:00 a.m. and 4:00 p.m. Eastern Time |
• | Through your Financial representative |
• | In writing to New England Life Insurance Company, c/o Annuity Administrative Office, P.O. Box 305075 Nashville, TN 37230-5075 |
• | By fax (877) 246-8424, or |
• | For transfers or reallocation of future purchase payments, by Internet at www.brighthousefinancial.com |
• | Asset-Based Insurance Charge |
• | Contract Administrative Fee |
• | Withdrawal Charge |
• | For Contracts with an Enhanced Death Benefit Rider, an extra fee |
• | For Contracts with an Earnings Preservation Benefit Rider, an extra fee |
• | For Contracts with a GMIB Rider, an extra fee |
• | For Contracts with a GWB Rider, an extra fee |
• | For Contracts with the GMAB Rider, an extra fee |
• | Premium Tax Charge and Other Expenses |
Death Benefit** | Standard
Class |
B
Plus Class*** |
C Class | L Class | P Class | |||||
Standard Death
Benefit |
1.25% | 1.60% | 1.60% | 1.50% | 1.15% | |||||
Annual Step-Up Death
Benefit |
1.45% | 1.80% | 1.80% | 1.70% | 1.35% | |||||
Greater of Annual Step-Up or 5% Annual Increase Death
Benefit |
1.60% | 1.95% | 1.95% | 1.85% | 1.50% |
* | We currently impose an additional Asset-Based Insurance Charge of 0.25% of average daily net assets on the American Funds The Bond Fund of America, American Funds Growth, American Funds Growth-Income and American Funds Global Small Capitalization Subaccounts. We reserve the right to impose an increased Asset-Based Insurance Charge on subaccounts that we add to the Contract in the future. The increase will not exceed the annual rate of 0.25% of average daily net assets in any such subaccounts. These additional Asset-Based Insurance Charges, also referred to as “Platform Charges” in this prospectus, are reflected in Appendix A. |
** | See below for an additional optional death benefit rider, the Enhanced Death Benefit, for which the charge is assessed on the “death benefit base” and deducted annually from the account value. |
*** | The Asset-Based Insurance Charge will be reduced on the B Plus Class by 0.35% after the expiration of the 9-year Withdrawal Charge period. |
Number
of Complete Years from Receipt of Purchase Payment |
Standard
Class Charge |
B
Plus Class Charge |
L
Class Charge |
P
Class Charge | ||||
0 |
7% | 9% | 7% | 8% | ||||
1 |
6% | 8% | 6% | 8% | ||||
2 |
6% | 8% | 5% | 8% | ||||
3 |
5% | 7% | 0% | 7% | ||||
4 |
4% | 6% | 0% | 6% | ||||
5 |
3% | 5% | 0% | 5% | ||||
6 |
2% | 4% | 0% | 4% | ||||
7 |
0% | 2% | 0% | 3% | ||||
8 |
0% | 2% | 0% | 2% | ||||
9 and
thereafter |
0% | 0% | 0% | 0% |
• | On the Maturity Date or payment of the Death Proceeds. |
• | If you apply the proceeds to a variable or fixed payment option involving a life contingency (described under “Annuity Options”), or, for a minimum specified period of 15 years, to either the Variable Income for a Specified Number of |
Years Option or the Variable Income Payments to Age 100 Option (if elected prior to age 85), or a comparable fixed option. However, if you later withdraw the commuted value of amounts placed under any of those options, we will deduct from the amount you receive a portion of the Withdrawal Charge amount that we would have deducted when you originally applied the Contract proceeds to the option. We will take into account the lapse of time from annuitization to withdrawal. We will base the portion of the Withdrawal Charge which applies on the ratio of (1) the number of whole months remaining, on the date of the withdrawal, until the date when the Withdrawal Charge would expire, to (2) the number of whole months that were remaining, when you applied the proceeds to the option, until the date when the Withdrawal Charge would expire. (See example in APPENDIX D.) | |
• | On full or partial withdrawals if you, a Joint Owner, or Annuitant if the Contract is not owned by an individual, become terminally ill (as defined in the Contract), become chronically ill (as defined in the Contract), or are permanently and totally disabled (as defined in the Contract). These benefits are only available if you were not over age 65 (for the disability benefit) or age 80 (for the terminally ill or chronically ill benefit) when we issued the Contract, and may not be available in every state. These waivers are only applicable for the Standard, B Plus, L and P Class Contracts. For example, assume you purchased the Contract and you become terminally ill, chronically ill, or totally disabled and then request to take a withdrawal that would have normally been subject to a 6% Withdrawal Charge. In that instance, if you satisfy the conditions of the waiver, we would not impose that Withdrawal Charge that would have otherwise applied to that withdrawal. |
• | On minimum distributions required by tax law. We currently waive the Withdrawal Charge on required minimum distributions from, or excess contributions to, Qualified Contracts (this exception applies only to amounts that are required to be distributed from this Contract). This waiver applies only if the required minimum distribution exceeds the free withdrawal amount and no previous withdrawals were made during the Contract Year. (See “FEDERAL INCOME TAX CONSIDERATIONS—Taxation of Qualified Contracts.”) |
• | If the amount of the Withdrawal Charge that would apply if not for this provision, (1) would constitute less than 0.50% of your Contract Value, and (2) you transfer your total Contract Value to certain eligible contracts issued by the Company or one of its affiliated companies. |
• | The imposition of a 10% penalty tax on the taxable amount of the commuted value, if the taxpayer has not attained age 59 1⁄2 at the time the withdrawal is made. This 10% penalty tax is in addition to the ordinary income tax on the taxable amount of the commuted value. |
• | The retroactive imposition of the 10% penalty tax on annuity payments received prior to the taxpayer attaining age 59 1⁄2. |
• | The possibility that the exercise of the commutation feature could adversely affect the amount excluded from federal income tax under any annuity payments made after such commutation. |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Dollar Cost Averaging Program | Allows you to systematically transfer a set amount each month among the Eligible Funds and the Fixed Account, if available |
Standard |
No Charg[e | N/A | • Available only during the accumulation phase• We currently restrict the amount of Contract Value which you may transfer from the Fixed Account• Not available if you selected the GMAB, GMIB Plus II, LWG II, or the Enhanced Death Benefit rider |
Enhanced Dollar Cost Averaging (EDCA) Program | Allows you to systematically transfer amounts from the Guaranteed Account in the general account to any available Eligible Funds you select during a six or twelve month duration |
Standard |
No Charge | N/A | • Available only during the accumulation phase• Not available for B Plus Class or C Class Contracts• Transfers only available from the Guaranteed Account• Generally only available for new purchase payments or portions thereof• Not available for purchase payments which consist of money exchanged from other contracts we or an affiliate issue |
Asset Rebalancing | Allows us to automatically rebalance your Contract Value to return to your original percentage allocations |
Standard |
No Charge | N/A | • Available only during the accumulation phase• The Fixed Account is not available for asset rebalancing, unless you selected the GMIB Plus II, the LWG II, or Enhanced Death Benefit rider• Not available if you selected the GMAB rider |
Systematic Withdrawals | Allows you to set up an automatic payment of up to 10% of your total purchase payments each year |
Standard |
No Charge | N/A | • Each payment must be at least $100 (unless we consent otherwise)• For all Classes other than C Class, in the first Contract Year, only monthly or quarterly payments are allowed |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Standard Death Benefit | Pays a minimum death benefit at least equal to the greater of the Contract Value or total purchase payments, adjusted for any withdrawals |
Standard |
No Charge | N/A | • Withdrawals may proportionately reduce the benefit, and such reductions could be significant• For B Plus Class, bonus amounts may not be included in the death benefit |
Annual Step-Up Death Benefit | Pays a death benefit equal to the greater of your Contract Value, your total purchase payments adjusted for any withdrawals, or your Step-Up Value |
Optional |
0.20% of average daily net assets in the subaccounts | 0.20% of average daily net assets in the subaccounts | • No longer available• Withdrawals may proportionately reduce the benefit, and such reductions could be significant• For B Plus Class, bonus amounts may not be included in the death benefit |
Greater of Annual Step-Up or 5% Annual Increase Death Benefit | Pays a death benefit equal to the greater of your Contract Value, your Step-Up Value, or your Annual Increase Amount, adjusted for any withdrawals |
Optional |
0.35% of average daily net assets in the subaccounts | 0.35% of average daily net assets in the subaccounts | • No longer available• Withdrawals may proportionately reduce the benefit, and such reductions could be significant• For B Plus Class, bonus amounts may not be included in the death benefit |
Enhanced Death Benefit Rider | Pays a death benefit equal to the greater of your Contract Value or a death benefit base that provides protection against adverse investment experience |
Optional |
1.50% of death benefit base | 0.75% of death benefit base (issue age 0-69)0.95% of death benefit base (issue age 70-75) | • No longer available• Benefit subject to Eligible Fund allocation restrictions• Withdrawals may proportionately reduce the benefit, and such reductions could be significant• Additional restrictions on purchase payments may apply• For B Plus Class, bonus amounts may not be included in the death benefit |
Earnings Preservation Benefit Rider | Provides an additional death benefit to assist with covering income taxes payable upon death of the Owner or Joint Owner |
Optional |
0.25% of average daily net assets in the subaccounts | 0.25% of average daily net assets in the subaccounts | • No longer available• Withdrawals may proportionately reduce the benefit, and such reductions could be significant• For B Plus Class, bonus amounts may not be included in the death benefit |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Guaranteed Minimum Income Benefit Plus II (GMIB Plus II) | Provides a specified guaranteed level of minimum fixed annuity payments during the income phase regardless of investment performance |
Optional |
1.50% of the Income Base | 1.00% of the Income Base | • No longer available• Benefit subject to Eligible Fund allocation restrictions• Certain withdrawals could significantly reduce or even terminate the benefit• Benefit may be exercised after a 10-year waiting period and then only within 30 days following a Contract Anniversary• Benefit must be exercised no later than the 30-day period following the Contract Anniversary prior to the Owner's 91st birthday• Exercising option to reset the Annual Increase Amount to Contract Value will restart the 10-year waiting period• Additional restrictions on purchase payments may apply• Guaranteed Principal Option may be exercised on each Contract Anniversary starting with the 10th Contract Anniversary through the Contract Anniversary prior to the Owner's 91st birthday• Exercising the Guaranteed Principal Option terminates the benefit• Enhanced payout rates, which may be available upon exercise of the benefit, depend on your age at the time you took your first withdrawal and other circumstances• For B Plus Class, bonus amounts are not included in the benefit |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Guaranteed Minimum Income Benefit Plus I (GMIB Plus I) | Provides a specified guaranteed level of minimum fixed annuity payments during the income phase regardless of investment performance |
Optional |
1.50% of the Income Base | 0.80% of the Income Base | • No longer available• Benefit subject to Eligible Fund allocation restrictions• Certain withdrawals could significantly reduce or even terminate the benefit• Benefit may be exercised after a 10-year waiting period and then only within 30 days following a Contract Anniversary• Benefit must be exercised no later than the 30-day period following the Contract Anniversary on or following the Owner's 85th birthday• Exercising option to reset the Annual Increase Amount to Contract Value will restart the 10-year waiting period• Additional restrictions on purchase payments may apply• Guaranteed Principal Option may be exercised on each Contract Anniversary starting with the 10th Contract Anniversary through the Contract Anniversary prior to the Owner's 86th birthday• Exercising the Guaranteed Principal Option terminates the benefit• Enhanced payout rates, which may be available upon exercise of the benefit, depend on your age at the time you took your first withdrawal and other circumstances• For B Plus Class, bonus amounts are not included in the benefit |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Guaranteed Minimum Income Benefit II (GMIB II) | Provides a specified guaranteed level of minimum fixed annuity payments during the income phase regardless of investment performance |
Optional |
0.50% of the Income Base | 0.50% of the Income Base | • No longer available• Certain withdrawals could significantly reduce or even terminate the benefit• Benefit may be exercised after a 10-year waiting period and then only within 30 days following a Contract Anniversary• Benefit must be exercised no later than the 30-day period following the Contract Anniversary on or following the Owner's 85th birthday• For B Plus Class, bonus amounts are not included in the benefit |
Guaranteed Minimum Income Benefit I (GMIB I) | Provides a specified guaranteed level of minimum fixed annuity payments during the income phase regardless of investment performance |
Optional |
0.50% of the Income Base | 0.50% of the Income Base | • No longer available• Certain withdrawals could significantly reduce or even terminate the benefit• Benefit may be exercised after a 10-year waiting period up, through age 85, within 30 days following a Contract Anniversary• Additional restrictions on purchase payments may apply• For B Plus Class, bonus amounts are not included in the benefit |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Guaranteed Withdrawal Benefit I (GWB I) | Guarantees that at least the entire amount of purchase payments you make will be returned to you through a series of withdrawals regardless of investment performance |
Optional |
0.95% of the Total Guaranteed Withdrawal Amount | 0.50% of the Total Guaranteed Withdrawal Amount | • No longer available• Certain withdrawals could significantly reduce or even terminate the benefit• Additional restrictions on purchase payments may apply• Starting with the third Contract Anniversary, you may elect the optional reset feature once every Contract Anniversary prior to the 86th birthday of the Owner provided that it has been at least three Contract Anniversaries since the last reset• For B Plus Class, bonus amounts are not included in the benefit |
Enhanced Guaranteed Withdrawal Benefit (Enhanced GWB) | Guarantees that at least the entire amount of purchase payments you make will be returned to you through a series of withdrawals regardless of investment performance |
Optional |
1.00% of the Total Guaranteed Withdrawal Amount | 0.55% of the Total Guaranteed Withdrawal Amount | • No longer available• Benefit subject to Eligible Fund allocation restrictions• Certain withdrawals could significantly reduce or even terminate the benefit• You may elect to cancel the rider during the 90-day period following your fifth Contract Anniversary• Additional restrictions on purchase payments may apply• You may elect the optional reset feature at any Contract Anniversary prior to your 86th birthday• For B Plus Class, bonus amounts are not included in the benefit |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Lifetime Withdrawal Guarantee II Benefit (LWG II) | Guarantees income for life, or that at least the entire amount of purchase payments you make will be returned to you through a series of withdrawals regardless of investment performance |
Optional |
1.60% of the Total Guaranteed Withdrawal Amount for Single Life Version1.80% of the Total Guaranteed Withdrawal Amount for Joint Life Version | 1.25% of the Total Guaranteed Withdrawal Amount for Single Life Version1.50% of the Total Guaranteed Withdrawal Amount for Joint Life Version | • No longer available• Benefit subject to Eligible Fund allocation restrictions• Certain withdrawals could significantly reduce or even terminate the benefit• Guarantees income for life, subject to conditions, provided your first withdrawal is on or after the date you reach age 59 1⁄2• You may elect to cancel the rider on the Contract Anniversary every five Contract Years for the first 15 Contract Years and annually thereafter• Additional restrictions on purchase payments may apply• For B Plus Class, bonus amounts are not included in the benefit |
Lifetime Withdrawal Guarantee I Benefit (LWG I) | Guarantees income for life, or that at least the entire amount of purchase payments you make will be returned to you through a series of withdrawals regardless of investment performance |
Optional |
0.95% of the Total Guaranteed Withdrawal Amount for Single Life Version1.40% of the Total Guaranteed Withdrawal Amount for Joint Life Version | 0.50% of the Total Guaranteed Withdrawal Amount for Single Life Version0.70% of the Total Guaranteed Withdrawal Amount for Joint Life Version | • No longer available• Certain withdrawals could significantly reduce or even terminate the benefit• Guarantees income for life, subject to conditions, provided your first withdrawal is on or after the date you reach age 59 1⁄2• You may elect to cancel the rider on the Contract Anniversary every five Contract Years for the first 15 Contract Years and annually thereafter• Additional restrictions on purchase payments may apply• For B Plus Class, bonus amounts are not included in the benefit |
Name of Benefit | Purpose | Standard
or Optional |
Maximum
Annual Fee |
Current
Charges |
Brief
Description of Restrictions / Limitations |
Guaranteed Minimum Accumulation Benefit (GMAB) | Guarantees that your Contract Value will not be less than a minimum amount at the end of a specified number of years regardless of investment performance |
Optional |
0.75% of the Guaranteed Accumulation Amount | 0.75% of the Guaranteed Accumulation Amount | • No longer available• Certain withdrawals could significantly reduce or even terminate the benefit• No transfers are permitted while this benefit is in effect• Additional restrictions on purchase payments may apply• You have a one-time right to cancel this benefit on your 5th Contract Anniversary• For B Plus Class, bonus amounts are not included in the benefit |
• | Guaranteed Minimum Income Benefit Plus (GMIB Plus II) |
• | Guaranteed Minimum Income Benefit |
• | Lifetime Withdrawal Guarantee (Lifetime Withdrawal Guarantee II) |
• | Guaranteed Withdrawal Benefit (Enhanced GWB) |
• | GMIB Plus II |
• | GMIB Plus I (formerly, the Predictor Plus) |
• | GMIB II (formerly, the Predictor) |
• | GMIB I |
• | the annuity payment determined by applying the amount of the Income Base to the GMIB Annuity Table, or |
• | the annuity payment determined for the same annuity option in accordance with the base Contract. (See “ANNUITY PAYMENTS”.) |
• | the annuity payment determined by applying the amount of the Income Base to the GMIB Annuity Table, or |
• | the annuity payment determined for the same annuity option in accordance with the base Contract. (See “ANNUITY PAYMENTS.”) |
• | you take no withdrawals prior to age 62; |
• | your Contract Value is fully withdrawn or decreases to zero at or after your 62nd birthday and there is an Income Base remaining; and |
• | the annuity option you select is the single life annuity with 5 years of annuity payments guaranteed; |
• | you take no withdrawals prior to age 60; |
• | your Contract Value is fully withdrawn or decreases to zero at or after your 60th birthday and there is an Income Base remaining; and |
• | the annuity option you select is the single life annuity with 5 years of annuity payments guaranteed; |
• | the spouse elects to continue the contract and the GMIB rider under termination provision d) above; and |
• | before the 10-year waiting period to exercise the GMIB rider has elapsed, the GMIB rider will terminate under termination provision a) above (because it is the 30th day following the contract anniversary prior to the spouse’s 91st birthday); |
• | the spouse elects to continue the contract and the GMIB rider under termination provision d) above; |
• | before the 10-year waiting period to exercise the GMIB rider has elapsed, the GMIB rider will terminate under termination provision a) above (because it is the 30th day following the contract anniversary on or following the spouse’s 85th birthday); |
• | the spouse elects to continue the contract and the GMIB rider under termination provision d) above; |
• | before the 10-year waiting period to exercise the GMIB rider has elapsed, the GMIB rider will terminate under termination provision a) above (because it is the 30th day following the contract anniversary on or following the spouse’s 85th birthday); |
• | Lifetime Withdrawal Guarantee II (“LWG II”) |
• | Lifetime Withdrawal Guarantee I (“LWG I”) |
• | Enhanced Guaranteed Withdrawal Benefit (“Enhanced GWB”) |
• | Guaranteed Withdrawal Benefit I (“GWB I”) |
• | resets the Total Guaranteed Withdrawal Amount and the Remaining Guaranteed Withdrawal Amount to the Contract Value on the date of the Step-Up, up to a maximum of $10,000,000, regardless of whether or not you have taken any withdrawals; |
• | resets the Annual Benefit Payment equal to 5% of the Total Guaranteed Withdrawal Amount after the Step-Up (or 6% if you make your first withdrawal during a Contract Year in which the Owner (or oldest joint Owner, or Annuitant if the |
Owner is a nonnatural person) attains or will attain age 76 or older) or, for Contracts issued in New York State, if the Joint Life version was elected, reset the Annual Benefit Payment equal to 4.5% of the Total Guaranteed Withdrawal Amount after the step-up (or 5% if you make your first withdrawal on or after the Contract Anniversary following the date the younger spouse is at least age 63); and | |
• | may reset the LWG II rider charge to a rate that does not exceed the lower of: (a) the Maximum Automatic Annual Step-Up Charge (1.60% for the Single Life version or 1.80% for the Joint Life version) or (b) the current rate that we would charge for the same rider available for new Contract purchases at the time of the Automatic Annual Step-Up. |
• | If you take your first withdrawal before the date you reach age 59 1⁄2 (or, for Contracts issued in New York State with the Joint Life version, if you take your first withdrawal before the date when you and your spouse are at least age 59 1⁄2), we will continue to pay the Annual Benefit Payment each year until the Remaining Guaranteed Withdrawal Amount is depleted, even if your Contract Value declines to zero. This means if your Contract Value is depleted due to a Non-Excess Withdrawal or the deduction of the rider charge, and your Remaining Guaranteed Withdrawal Amount |
is greater than zero, we will pay you the remaining Annual Benefit Payment, if any, not yet withdrawn during the Contract Year that the Contract Value was depleted, and beginning in the following Contract Year, we will continue paying the Annual Benefit Payment to you each year until your Remaining Guaranteed Withdrawal Amount is depleted. This guarantees that you will receive your purchase payments even if your Contract Value declines to zero due to market performance so long as you do not take Excess Withdrawals; however, you will not be guaranteed income for the rest of your life. | |
• | If you take your first withdrawal on or after the date you reach age 59 1⁄2 (or, for Contracts issued in New York State with the Joint Life version, if you take your first withdrawal before the date when you and your spouse are at least age 59 1⁄2), we will continue to pay the Annual Benefit Payment each year for the rest of your life (and the life of your spouse, if the Joint Life version of the rider was elected, and your spouse elects to continue the Contract and is at least age 59 1⁄2 at continuation, and, for Contracts issued in New York State, if you take your first withdrawal when you and your spouse are at least age 59 1⁄2), even if your Remaining Guaranteed Withdrawal Amount and/or Contract Value declines to zero. This means if your Remaining Guaranteed Withdrawal Amount and/or your Contract Value is depleted due to a Non-Excess Withdrawal or the deduction of the rider charge, we will pay to you the remaining Annual Benefit Payment, if any, not yet withdrawn during the Contract Year that the Contract Value was depleted, and beginning in the following Contract Year, we will continue paying the Annual Benefit Payment to you each year for the rest of your life (and your spouse’s life, if the Joint Life version of the rider was elected, and your spouse elects to continue the Contract and is at least age 59 1⁄2 at continuation). Therefore, you will be guaranteed income for life. |
• | If you take your first withdrawal during a Contract Year in which the Owner (or oldest joint Owner, or Annuitant if the Owner is a nonnatural person) attains or will attain age 76 or older, your Annual Benefit payment will be set equal to a 6% Withdrawal Rate multiplied by the Total Guaranteed Withdrawal Amount. For Contracts issued in New York State, if you elect the Joint Life Version, if you take your first withdrawal on or after the Contract Anniversary following the date you and your spouse are at least age 63, your Annual Benefit Payment will be set equal to 5% withdrawal rate multiplied by the Total Guaranteed Withdrawal Amount. |
• | If you have elected the LWG II, you should carefully consider when to begin taking withdrawals. If you begin taking withdrawals too soon, you may limit the value of the LWG II. For example, we no longer increase your Total Guaranteed Withdrawal Amount by the 7.25% Compounding Income Amount (6% Compounding Income Amount for Contracts issued in New York State) once you make your second withdrawal (first withdrawal for Contracts issued in New York). However, if you delay taking withdrawals for too long, you may limit the number of years available for you to take withdrawals in the future (due to life expectancy) and you may be paying for a benefit you are not using. |
• | You have the option of receiving withdrawals under the LWG II rider or receiving payments under an annuity income option. You should consult with your financial representative when deciding how to receive income under this Contract. In making this decision, you should consider many factors, including the relative amount of current income provided by the two options, the potential ability to receive higher future payments through potential increases to the value of the LWG II (as described below), your potential need to make additional withdrawals in the future, and the relative values to you of the death benefits available prior to and after annuitization. (See “Lifetime Withdrawal Guarantee II and Annuitization” below) |
• | Your initial purchase payment, increased by the 5% GWB Bonus Amount; |
• | Increased by each subsequent purchase payment, and by the 5% GWB Bonus Amount; |
• | Reduced dollar for dollar by Benefits Paid, which are withdrawals (including any applicable Withdrawal Charge) and amounts applied to an annuity option (currently, you may not apply amounts less than your entire Contract Value to an annuity option); and |
• | If a Benefit Paid from your Contract is not payable to the Contract Owner or the Contract Owner’s bank account (or to the Annuitant or the Annuitant‘s bank account, if the Owner is a non-natural person), or results in cumulative Benefits Paid for the current Contract Year exceeding the Annual Benefit Payment, and the resulting Benefit Base exceeds the |
Contract Value, an additional reduction in the Benefit Base will be made. This additional reduction will be equal to the difference between the Benefit Base and your Contract Value after the decrease for the Benefits Paid. The Benefit Base will also be reset as a result of an Optional Reset as described below. |
• | Reset your Guaranteed Withdrawal Amount and Benefit Base equal to the Contract Value on the date of the reset; |
• | Reset your Annual Benefit Payment equal to the Contract Value on the date of the reset multiplied by the GWB Withdrawal Rate (7%); and |
• | Reset the Enhanced GWB rider charge equal to then current level we charge for the same rider at the time of the reset, up to the maximum charge of 1.00%. |
Asset
Allocation Subaccount |
Guaranteed
Amount (% of Purchase Payments) |
Years
to Rider Maturity Date | ||
Brighthouse Asset Allocation 20
Subaccount |
130% | 10 years | ||
Brighthouse Asset Allocation 40
Subaccount |
120% | 10 years | ||
Brighthouse Asset Allocation 60
Subaccount |
110% | 10 years |
• | made on or after the taxpayer reaches age 59 1⁄2; |
• | made on or after the death of an Owner; |
• | attributable to the taxpayer’s disability; |
• | made as part of a series of substantially equal periodic payments (at least annually) for the life (or life expectancy) of the taxpayer or the joint lives (or life expectancies) of the taxpayer and his or her designated beneficiary; or |
• | under certain immediate annuities providing for substantially equal payments made at least annually and where the annuity date is no later than one year from the date of purchase. |
• | on account of the taxpayer’s death or disability; |
• | as part of a series of substantially equal periodic payments payable for the life (or life expectancy) or the joint lives (or joint life expectancies) of the taxpayer and his or her designated beneficiary and (in the case of certain employer-sponsored qualified plans) the taxpayer is separated from employment; |
• | on separation from service after age 55. This rule does not apply to IRAs (including SEPs and SIMPLE IRAs); |
• | pursuant to a qualified domestic relations order (“QDRO”). This rule does not apply to IRAs (including SEPs and SIMPLE IRAs); |
• | to pay IRS levies (and made after December 31, 1999); |
• | to pay deductible medical expenses; or |
• | in the case of IRAs only, to pay for medical insurance (if the taxpayer is unemployed), qualified higher education expenses, or for a qualified first-time home purchase up to $10,000. |
• | The imposition of a 10% penalty tax on the taxable amount of the commuted value, if the taxpayer has not attained age 59 1⁄2 at the time the withdrawal is made. This 10% penalty tax is in addition to the ordinary income tax on the taxable amount of the commuted value. |
• | The retroactive imposition of the 10% penalty tax on annuity payments received prior to the taxpayer attaining age 59 1⁄2. |
• | The possibility that the exercise of the commutation feature could adversely affect the amount excluded from federal income tax under any annuity payments made after such commutation. |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks long-term growth of capital. | American
Funds Global Small Capitalization Fund — Class 2# Capital Research and Management CompanySM |
0.90% | 0.25% | 1.15% | 6.74% | 15.45% | 12.51% |
Seeks growth of capital. | American
Funds Growth Fund — Class 2 Capital Research and Management CompanySM |
0.60% | 0.25% | 0.85% | 21.97% | 25.43% | 19.71% |
Seeks long-term growth of capital and income. | American
Funds Growth-Income Fund — Class 2 Capital Research and Management CompanySM |
0.54% | 0.25% | 0.79% | 24.10% | 16.39% | 15.42% |
Seeks as high a level of current income as is consistent with the preservation of capital. | American
Funds The Bond Fund of America — Class 2# Capital Research and Management CompanySM |
0.45% | 0.25% | 0.70% | -0.31% | 4.25% | 3.27% |
Seeks capital appreciation and current income. | AB
Global Dynamic Allocation Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: AllianceBernstein L.P. |
0.88% | None | 0.88% | 9.28% | 7.67% | 7.07% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. | American
Funds® Balanced Allocation Portfolio — Class C‡ Brighthouse Investment Advisers, LLC |
0.97% | None | 0.97% | 12.14% | 11.61% | 10.22% |
Seeks growth of capital. | American
Funds® Growth Allocation Portfolio — Class C‡ Brighthouse Investment Advisers, LLC |
1.01% | None | 1.01% | 15.91% | 13.89% | 12.35% |
Seeks a high total return in the form of income and growth of capital, with a greater emphasis on income. | American
Funds® Moderate Allocation Portfolio — Class C‡ Brighthouse Investment Advisers, LLC |
0.94% | None | 0.94% | 9.64% | 9.44% | 8.33% |
Seeks capital appreciation and current income. | BlackRock
Global Tactical Strategies Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: BlackRock Financial Management, Inc. |
0.93% | None | 0.93% | 9.79% | 7.76% | 6.81% |
Seeks growth of capital. | Brighthouse
Asset Allocation 100 Portfolio — Class B‡ Brighthouse Investment Advisers, LLC |
0.97% | None | 0.97% | 18.13% | 14.64% | 12.88% |
Seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. | Brighthouse
Balanced Plus Portfolio — Class B* Brighthouse Investment Advisers, LLC Subadviser: Overlay Portion: Pacific Investment Management Company LLC |
0.89% | None | 0.89% | 7.54% | 10.39% | 9.22% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks a high level of current income, while seeking preservation of shareholders’ capital. | Brighthouse/Franklin
Low Duration Total Return Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Franklin Advisers, Inc. |
0.72% | None | 0.72% | 0.28% | 1.75% | 1.78% |
Seeks long-term capital appreciation. | Brighthouse/Wellington
Large Cap Research Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.78% | None | 0.78% | 24.03% | 17.85% | 16.04% |
Seeks total return through investment in real estate securities, emphasizing both capital appreciation and current income. | CBRE
Global Real Estate Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: CBRE Investment Management Listed Real Assets LLC |
0.87% | None | 0.87% | 34.42% | 10.02% | 9.01% |
Seeks long-term capital appreciation. | Harris
Oakmark International Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Harris Associates L.P. |
1.01% | None | 1.01% | 8.44% | 7.08% | 8.73% |
Seeks long-term capital appreciation. | Harris
Oakmark International Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Harris Associates L.P. |
0.91% | None | 0.91% | 8.52% | 7.18% | 8.83% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks total return. | Invesco
Balanced-Risk Allocation Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
0.92% | None | 0.92% | 9.69% | 7.47% | — |
Seeks capital appreciation. | Invesco
Global Equity Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
0.82% | None | 0.82% | 15.47% | 18.14% | 14.17% |
Seeks long-term growth of capital. | Invesco
Small Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Invesco Advisers, Inc. |
1.05% | None | 1.05% | 6.93% | 18.91% | 16.63% |
Seeks capital appreciation and current income. | JPMorgan
Global Active Allocation Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: J.P. Morgan Investment Management Inc. |
0.97% | None | 0.97% | 9.64% | 9.27% | — |
Seeks high total investment return through a combination of capital appreciation and income. | Loomis
Sayles Global Allocation Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
1.02% | None | 1.02% | 14.26% | 14.24% | 11.33% |
Seeks long-term growth of capital. | Loomis
Sayles Growth Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
0.81% | None | 0.81% | 18.27% | 16.29% | 15.70% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks long-term growth of capital. | Loomis
Sayles Growth Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
0.71% | None | 0.71% | 18.46% | 16.41% | 15.82% |
Seeks a balance between growth of capital and current income, with a greater emphasis on growth of capital. | MetLife
Multi-Index Targeted Risk Portfolio — Class B* Brighthouse Investment Advisers, LLC Subadviser: Overlay Portion: MetLife Investment Advisors, LLC |
0.64% | None | 0.64% | 9.72% | 8.82% | — |
Seeks capital appreciation. | MFS
® Research International Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.89% | None | 0.89% | 11.71% | 12.29% | 8.45% |
Seeks capital appreciation. | Morgan
Stanley Discovery Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Morgan Stanley Investment Management Inc. |
0.87% | None | 0.87% | -10.78% | 37.29% | 20.60% |
Seeks total return. | PanAgora
Global Diversified Risk Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadviser: PanAgora Asset Management, Inc. |
1.09% | None | 1.09% | 6.39% | 8.60% | — |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks maximum real return, consistent with preservation of capital and prudent investment management. | PIMCO
Inflation Protected Bond Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: Pacific Investment Management Company LLC |
0.78% | None | 0.78% | 5.42% | 5.15% | 2.91% |
Seeks maximum total return, consistent with the preservation of capital and prudent investment management. | PIMCO
Total Return Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Pacific Investment Management Company LLC |
0.72% | None | 0.72% | -1.39% | 3.89% | 3.32% |
Seeks capital appreciation and current income. | Schroders
Global Multi-Asset Portfolio — Class B#* Brighthouse Investment Advisers, LLC Subadvisers: Schroder Investment Management North America Inc.; Schroder Investment Management North America Limited |
0.92% | None | 0.92% | 11.42% | 7.43% | — |
Seeks growth of capital and income. | SSGA
Growth and Income ETF Portfolio — Class B‡ Brighthouse Investment Advisers, LLC Subadviser: SSGA Funds Management, Inc. |
0.76% | None | 0.76% | 13.38% | 10.04% | 8.47% |
Seeks growth of capital. | SSGA
Growth ETF Portfolio — Class B‡ Brighthouse Investment Advisers, LLC Subadviser: SSGA Funds Management, Inc. |
0.79% | None | 0.79% | 17.60% | 11.73% | 10.03% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks long-term growth of capital. | T.
Rowe Price Mid Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.95% | None | 0.95% | 14.98% | 17.90% | 16.28% |
Seeks high total return by investing in equity securities of mid-sized companies. | Victory
Sycamore Mid Cap Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Victory Capital Management Inc. |
0.84% | None | 0.84% | 31.80% | 12.47% | 11.98% |
Seeks a high level of current income, consistent with preservation of principal. | Western
Asset Management Government Income Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company LLC |
0.69% | None | 0.69% | -1.97% | 3.07% | 2.29% |
Seeks long-term growth of capital. | Baillie
Gifford International Stock Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Baillie Gifford Overseas Limited |
0.96% | None | 0.96% | -0.99% | 13.08% | 9.70% |
Seeks long-term growth of capital. | Baillie
Gifford International Stock Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Baillie Gifford Overseas Limited |
0.86% | None | 0.86% | -0.91% | 13.18% | 9.81% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks a competitive total return primarily from investing in fixed-income securities. | BlackRock
Bond Income Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.62% | None | 0.62% | -0.69% | 4.00% | 3.60% |
Seeks long-term growth of capital. | BlackRock
Capital Appreciation Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.87% | None | 0.87% | 20.88% | 25.13% | 18.34% |
Seeks long-term growth of capital. | BlackRock
Capital Appreciation Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.77% | None | 0.77% | 21.02% | 25.26% | 18.46% |
Seeks a high level of current income consistent with prudent investment risk and preservation of capital. | BlackRock
Ultra-Short Term Bond Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: BlackRock Advisors, LLC |
0.61% | None | 0.61% | -0.45% | 0.76% | 0.39% |
Seeks a high level of current income, with growth of capital as a secondary objective. | Brighthouse
Asset Allocation 20 Portfolio — Class B#‡ Brighthouse Investment Advisers, LLC |
0.85% | None | 0.85% | 3.69% | 5.73% | 5.03% |
Seeks high total return in the form of income and growth of capital, with a greater emphasis on income. | Brighthouse
Asset Allocation 40 Portfolio — Class B‡ Brighthouse Investment Advisers, LLC |
0.85% | None | 0.85% | 7.42% | 7.84% | 7.10% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks a balance between a high level of current income and growth of capital, with a greater emphasis on growth of capital. | Brighthouse
Asset Allocation 60 Portfolio — Class B‡ Brighthouse Investment Advisers, LLC |
0.88% | None | 0.88% | 10.90% | 10.18% | 9.20% |
Seeks growth of capital. | Brighthouse
Asset Allocation 80 Portfolio — Class B‡ Brighthouse Investment Advisers, LLC |
0.92% | None | 0.92% | 14.71% | 12.62% | 11.26% |
Seeks long-term capital growth. | Brighthouse/Artisan
Mid Cap Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Artisan Partners Limited Partnership |
1.00% | None | 1.00% | 26.59% | 10.04% | 10.72% |
Seeks long-term capital growth. | Brighthouse/Artisan
Mid Cap Value Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Artisan Partners Limited Partnership |
0.90% | None | 0.90% | 26.71% | 10.15% | 10.83% |
Seeks long-term capital appreciation with some current income. | Brighthouse/Wellington
Balanced Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.76% | None | 0.76% | 13.73% | 12.56% | 11.36% |
Seeks to provide a growing stream of income over time and, secondarily, long-term capital appreciation and current income. | Brighthouse/Wellington
Core Equity Opportunities Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.85% | None | 0.85% | 24.11% | 16.33% | 14.46% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks to provide a growing stream of income over time and, secondarily, long-term capital appreciation and current income. | Brighthouse/Wellington
Core Equity Opportunities Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Wellington Management Company LLP |
0.75% | None | 0.75% | 24.23% | 16.44% | 14.58% |
Seeks maximum capital appreciation. | Frontier
Mid Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Frontier Capital Management Company, LLC |
0.95% | None | 0.95% | 14.38% | 18.60% | 15.20% |
Seeks long-term growth of capital. | Jennison
Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Jennison Associates LLC |
0.78% | None | 0.78% | 16.91% | 27.14% | 20.21% |
Seeks long-term growth of capital. | Jennison
Growth Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Jennison Associates LLC |
0.68% | None | 0.68% | 17.00% | 27.26% | 20.32% |
Seeks long-term capital growth from investments in common stocks or other equity securities. | Loomis
Sayles Small Cap Core Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
1.12% | None | 1.12% | 21.64% | 11.67% | 12.94% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks long-term capital growth from investments in common stocks or other equity securities. | Loomis
Sayles Small Cap Core Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
1.02% | None | 1.02% | 21.77% | 11.78% | 13.06% |
Seeks long-term capital growth. | Loomis
Sayles Small Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Loomis, Sayles & Company, L.P. |
1.11% | None | 1.11% | 9.74% | 18.78% | 15.50% |
Seeks to track the performance of the Bloomberg U.S. Aggregate Bond Index. | MetLife
Aggregate Bond Index Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.52% | None | 0.52% | -2.22% | 3.05% | 2.38% |
Seeks to track the performance of the Standard & Poor’s MidCap 400® Composite Stock Price Index. | MetLife
Mid Cap Stock Index Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.54% | None | 0.54% | 24.07% | 12.52% | 13.64% |
Seeks to track the performance of the MSCI EAFE® Index. | MetLife
MSCI EAFE® Index Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.63% | None | 0.63% | 10.48% | 9.11% | 7.56% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks to track the performance of the Russell 2000® Index. | MetLife
Russell 2000® Index Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.55% | None | 0.55% | 14.23% | 11.66% | 12.92% |
Seeks to track the performance of the Standard & Poor’s 500® Composite Stock Price Index. | MetLife
Stock Index Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: MetLife Investment Management, LCC |
0.51% | None | 0.51% | 28.04% | 17.89% | 15.97% |
Seeks a favorable total return through investment in a diversified portfolio. | MFS
® Total Return Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.84% | None | 0.84% | 13.93% | 9.61% | 9.41% |
Seeks capital appreciation. | MFS
® Value Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.82% | None | 0.82% | 25.30% | 12.22% | 13.42% |
Seeks capital appreciation. | MFS
® Value Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Massachusetts Financial Services Company |
0.72% | None | 0.72% | 25.40% | 12.34% | 13.53% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks high total return, consisting principally of capital appreciation. | Neuberger
Berman Genesis Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Neuberger Berman Investment Advisers LLC |
1.03% | None | 1.03% | 18.12% | 15.42% | 13.92% |
Seeks high total return, consisting principally of capital appreciation. | Neuberger
Berman Genesis Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Neuberger Berman Investment Advisers LLC |
0.93% | None | 0.93% | 18.21% | 15.54% | 14.04% |
Seeks long-term growth of capital. | T.
Rowe Price Large Cap Growth Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.82% | None | 0.82% | 19.95% | 23.08% | 18.97% |
Seeks long-term capital growth. | T.
Rowe Price Small Cap Growth Portfolio — Class B Brighthouse Investment Advisers, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.74% | None | 0.74% | 11.36% | 15.95% | 15.61% |
Seeks to maximize total return consistent with preservation of capital. | Western
Asset Management Strategic Bond Opportunities Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company LLC |
0.79% | None | 0.79% | 2.61% | 5.30% | 4.96% |
Investment Objectives | Portfolio
Company and Adviser/Sub-Adviser |
Current Expenses | Platform Charge§ | Current Expenses + Platform Charge | Average
Annual Total Returns (as of 12/31/2021) | ||
1
Year |
5
Year |
10
Year | |||||
Seeks to maximize total return consistent with preservation of capital. | Western
Asset Management Strategic Bond Opportunities Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company LLC |
0.69% | None | 0.69% | 2.68% | 5.39% | 5.06% |
Seeks to maximize total return consistent with preservation of capital and maintenance of liquidity. | Western
Asset Management U.S. Government Portfolio — Class B# Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company LLC |
0.73% | None | 0.73% | -1.77% | 2.22% | 1.71% |
Seeks to maximize total return consistent with preservation of capital and maintenance of liquidity. | Western
Asset Management U.S. Government Portfolio — Class E† Brighthouse Investment Advisers, LLC Subadviser: Western Asset Management Company LLC |
0.63% | None | 0.63% | -1.60% | 2.33% | 1.82% |
§ | We reserve the right to impose a Platform Charge on any Fund option that we add in the future, not to exceed an annual rate of 0.25%. |
# | Certain Eligible Funds and their investment advisers have entered into temporary expense reimbursements and/or fee waivers, which are reflected in the Current Expenses. Please see the Eligible Funds' prospectuses for additional information regarding these arrangements. |
* | This Eligible Fund is managed in a way that is intended to minimize volatility of returns (referred to as a “managed volatility strategy”). See “Principal Risks of Investing in the Contract.” |
‡ | This Eligible Fund is a fund of funds and invests substantially all of its assets in other underlying funds. Because the Eligible Fund invests in other funds, it will bear its pro rata portion of the operating expenses of those underlying funds, including the management fee. |
† | Class E shares of this portfolio are offered only for Contracts issued prior to May 1, 2004. |
AB Global Dynamic Allocation Portfolio |
American Funds® Balanced Allocation Portfolio |
American Funds® Growth Allocation Portfolio |
American Funds® Moderate Allocation Portfolio |
BlackRock Global Tactical Strategies Portfolio |
BlackRock Ultra-Short Term Bond Portfolio |
Brighthouse Asset Allocation 20 Portfolio |
Brighthouse Asset Allocation 40 Portfolio |
Brighthouse Asset Allocation 60 Portfolio |
Brighthouse Asset Allocation 80 Portfolio |
Brighthouse Balanced Plus Portfolio |
Invesco Balanced-Risk Allocation Portfolio |
JPMorgan Global Active Allocation Portfolio |
MetLife Aggregate Bond Index Portfolio |
MetLife Multi-Index Targeted Risk Portfolio |
PanAgora Global Diversified Risk Portfolio |
Schroders Global Multi-Asset Portfolio |
SSGA Growth and Income ETF Portfolio |
SSGA Growth ETF Portfolio |
Western Asset Management Government Income Portfolio |
AB Global Dynamic Allocation Portfolio |
American Funds® Balanced Allocation Portfolio |
American Funds® Growth Allocation Portfolio1 |
American Funds® Moderate Allocation Portfolio |
BlackRock Global Tactical Strategies Portfolio |
BlackRock Ultra-Short Term Bond Portfolio |
Brighthouse Asset Allocation 20 Portfolio |
Brighthouse Asset Allocation 40 Portfolio |
Brighthouse Asset Allocation 60 Portfolio |
Brighthouse Asset Allocation 80 Portfolio1 |
Brighthouse Balanced Plus Portfolio |
Invesco Balanced-Risk Allocation Portfolio |
JPMorgan Global Active Allocation Portfolio |
MetLife Multi-Index Targeted Risk Portfolio |
PanAgora Global Diversified Risk Portfolio |
Schroders Global Multi-Asset Portfolio |
SSGA Growth and Income ETF Portfolio |
SSGA Growth ETF Portfolio1 |
Platform 1 | Platform 2 |
A minimum of 30% of Purchase Payments or Account Value | A maximum of 70% of Purchase Payments or Account Value |
American Funds The Bond Fund of America | AB Global Dynamic Allocation Portfolio |
BlackRock Bond Income Portfolio | American Funds Growth Fund |
BlackRock Ultra-Short Term Bond Portfolio | American Funds Growth-Income Fund |
Brighthouse/Franklin Low Duration Total Return Portfolio | Baillie Gifford International Stock Portfolio |
MetLife Aggregate Bond Index Portfolio | BlackRock Capital Appreciation Portfolio |
PIMCO Inflation Protected Bond Portfolio | BlackRock Global Tactical Strategies Portfolio |
PIMCO Total Return Portfolio | Brighthouse Asset Allocation 100 Portfolio |
Western Asset Management Government Income Portfolio | Brighthouse Balanced Plus Portfolio |
Western Asset Management U.S. Government Portfolio | Brighthouse/Wellington Balanced Portfolio |
Brighthouse/Wellington Core Equity Opportunities Portfolio | |
Brighthouse/Wellington Large Cap Research Portfolio | |
Harris Oakmark International Portfolio | |
Invesco Balanced-Risk Allocation Portfolio | |
Invesco Global Equity Portfolio | |
Jennison Growth Portfolio | |
Loomis Sayles Growth Portfolio | |
MetLife MSCI EAFE® Index Portfolio | |
MetLife Multi-Index Targeted Risk Portfolio | |
MetLife Stock Index Portfolio | |
MFS ® Research International Portfolio | |
MFS ® Total Return Portfolio | |
MFS ® Value Portfolio | |
PanAgora Global Diversified Risk Portfolio | |
Schroders Global Multi-Asset Portfolio | |
T. Rowe Price Large Cap Growth Portfolio |
Platform 3 | Platform 4 |
A maximum of 15% of Purchase Payments or Account Value | A maximum of 15% of Purchase Payments or Account Value |
Brighthouse/Artisan Mid Cap Value Portfolio | American Funds Global Small Capitalization Fund |
Frontier Mid Cap Growth Portfolio | CBRE Global Real Estate Portfolio |
MetLife Mid Cap Stock Index Portfolio | Invesco Small Cap Growth Portfolio |
Morgan Stanley Discovery Portfolio | Loomis Sayles Small Cap Core Portfolio |
T. Rowe Price Mid Cap Growth Portfolio | Loomis Sayles Small Cap Growth Portfolio |
Victory Sycamore Mid Cap Value Portfolio | MetLife Russell 2000® Index Portfolio |
Neuberger Berman Genesis Portfolio | |
T. Rowe Price Small Cap Growth Portfolio |
1 | Only available for Contracts issued based on applications and necessary information received in Good Order before the close of the New York Stock Exchange on May 1, 2009. |
Brighthouse Asset Allocation 40 Portfolio |
Brighthouse Asset Allocation 60 Portfolio |
Toll-free telephone service: | — | Fund transfers , address changes and changes of future purchase payment allocations can be made by calling 1-888-243-1932. |
Written Communications: | — | All communications and inquiries regarding address changes, premium payments, billing, fund transfers, withdrawals, maturities and any other processing matters relating to your Contract should be directed to: |
New
England Life Insurance Company c/o Annuity Administrative Office P.O. Box 305075 Nashville, TN 37230-5075 Fax: (877) 246-8424 |
Internet Communications: | — | Fund transfers and future allocations can be made at www.brighthousefinancial.com |
(1) | Withdrawal Adjustments to Annual Increase Amount |
Dollar-for-dollar adjustment when withdrawal is less than or equal to 5% of the Annual Increase Amount from the prior Contract Anniversary | |
Assume the initial purchase payment is $100,000 and the GMIB Plus II is selected. Assume that during the first Contract Year, $5,000 is withdrawn. Because the withdrawal is less than or equal to 5% of the Annual Increase Amount from the prior Contract Anniversary, the Annual Increase Amount is reduced by the withdrawal on a dollar-for-dollar basis to $100,000 ($100,000 increased by 5% per year, compounded annually, less $5,000 = $100,000). Assuming no other purchase payments or withdrawals are made before the second Contract Anniversary, the Annual Increase Amount at the second Contract Anniversary will be $105,000 ($100,000 increased by 5% per year, compounded annually). | |
Proportionate adjustment when withdrawal is greater than 5% of the Annual Increase Amount from the prior Contract Anniversary | |
Assume the initial purchase payment is $100,000 and the GMIB Plus II is selected. Assume the Contract Value at the first Contract Anniversary is $100,000. The Annual Increase Amount at the first Contract Anniversary will be $105,000 ($100,000 increased by 5% per year, compounded annually). Assume that on the first Contract Anniversary, $10,000 is withdrawn (leaving a Contract Value of $90,000). Because the withdrawal is greater than 5% of the Annual Increase Amount from the prior Contract Anniversary, the Annual Increase Amount is reduced by the value of the Annual Increase Amount immediately prior to the withdrawal ($105,000) multiplied by the percentage reduction in the Contract Value attributed to that entire withdrawal (10%). Therefore, the new Annual Increase Amount is $94,500 ($105,000 x 10% = $10,500; $105,000 — $10,500 = $94,500). (If multiple withdrawals are made during a Contract Year—for example, two $5,000 withdrawals instead of one $10,000 withdrawal—and those withdrawals total more than 5% of the Annual Increase Amount from the prior Contract Anniversary, the Annual Increase Amount is reduced proportionately by each of the withdrawals made during that Contract Year and there will be no dollar-for-dollar withdrawal adjustment for the Contract Year.) Assuming no other purchase payments or withdrawals are made before the second Contract Anniversary, the Annual Increase Amount at the second Contract Anniversary will be $99,225 ($94,500 increased by 5% per year, compounded annually). |
(2) | The 5% Annual Increase Amount |
Example | |
Assume the Owner of the Contract is a male, age 55 at issue, and he elects the GMIB Plus II rider. He makes an initial purchase payment of $100,000, and makes no additional purchase payments or partial withdrawals. On the Contract issue date, the 5% Annual Increase Amount is equal to $100,000 (the initial purchase payment). The 5% Annual Increase Amount is calculated at each Contract Anniversary (through the Contract Anniversary prior to the Owner’s 91st |
birthday). At the tenth Contract Anniversary, when the Owner is age 65, the 5% Annual Increase Amount is $162,889 ($100,000 increased by 5% per year, compounded annually). See section (3) below for an example of the calculation of the Highest Anniversary Value. | |
Graphic Example: Determining a value upon which future income payments can be based | |
Assume that you make an initial purchase payment of $100,000. Prior to annuitization, your Contract Value fluctuates above and below your initial purchase payment depending on the investment performance of the investment options you selected. Your purchase payments accumulate at the annual increase rate of 5%, until the Contract Anniversary prior to the Contract Owner’s 91st birthday. Your purchase payments are also adjusted for any withdrawals (including any applicable withdrawal charge) made during this period. The line (your purchase payments accumulated at 5% a year adjusted for withdrawals and charges “the 5% Annual Increase Amount”) is the value upon which future income payments can be based. |
(3) | The “Highest Anniversary Value” (“HAV”) |
Example | |
Assume, as in the example in section (2) above, the Owner of the Contract is a male, age 55 at issue, and he elects the GMIB Plus II rider. He makes an initial purchase payment of $100,000, and makes no additional purchase payments or partial withdrawals. On the Contract issue date, the Highest Anniversary Value is equal to $100,000 (the initial purchase payment). Assume the Contract Value on the first Contract Anniversary is $108,000 due to good market performance. Because the Contract Value is greater than the Highest Anniversary Value ($100,000), the Highest Anniversary Value is set equal to the Contract Value ($108,000). Assume the Contract Value on the second Contract Anniversary is $102,000 due to poor market performance. Because the Contract Value is less than the Highest Anniversary Value ($108,000), the Highest Anniversary Value remains $108,000. | |
Assume this process is repeated on each Contract Anniversary until the tenth Contract Anniversary, when the Contract Value is $155,000 and the Highest Anniversary Value is $150,000. The Highest Anniversary Value is set equal to the Contract Value ($155,000). See section (4) below for an example of the exercise of the GMIB Plus II rider. | |
Graphic Example: Determining a value upon which future income payments can be based | |
Prior to annuitization, the Highest Anniversary Value begins to lock in growth. The Highest Anniversary Value is adjusted upward each Contract Anniversary if the Contract Value at that time is greater than the amount of the current Highest Anniversary Value. Upward adjustments will continue until the Contract Anniversary immediately prior to the Contract Owner’s 81st birthday. The Highest Anniversary Value also is adjusted for any withdrawals taken (including any applicable withdrawal charge) or any additional payments made. The Highest Anniversary Value line is the value upon which future income payments can be based. |
(4) | Putting it all together |
Example | |
Continuing the examples in sections (2) and (3) above, assume the Owner chooses to exercise the GMIB Plus II rider at the tenth Contract Anniversary and elects a life annuity with 10 years of annuity payments guaranteed. Because the 5% Annual Increase Amount ($162,889) is greater than the Highest Anniversary Value ($155,000), the 5% Annual Increase Amount ($162,889) is used as the Income Base. The Income Base of $162,889 is applied to the GMIB Annuity Table specified in the GMIB rider. This yields annuity payments of $591 per month for life, with a minimum of 10 years guaranteed. (If the same Owner were instead age 70, the Income Base of $162,889 would yield monthly payments of $673; if the Owner were age 75, the Income Base of $162,889 would yield monthly payments of $785.) | |
Assume the owner chooses to exercise the GMIB Plus rider at the 21st contract anniversary and elects a life annuity with 5 years of annuity payments guaranteed. Assume the account value has declined due to poor market performance. The 5% Annual Increase Amount would be limited to the maximum of 270% of the total purchase payments, which equals $270,000. Because the 5% Annual Increase Amount ($270,000) is greater than the Highest Anniversary Value ($155,000), the 5% Annual Increase Amount ($270,000) is used as the income base. The income base of $270,000 is applied to the GMIB Annuity Table. This yields annuity payments of $1,345 per month for life, with a minimum of 5 years guaranteed. (If the same owner were instead age 81, the income base of $270,000 would yield monthly payments of $1,607; if the owner were age 86, the income base of $270,000 would yield monthly payments of $1,877.) | |
The above example does not take into account the impact of premium and other taxes. As with other pay-out types, the amount you receive as an income payment depends on your age, sex (where permitted by law), and the income type you select. The Income Base is not available for cash withdrawals and is only used for purposes of calculating the Guaranteed Minimum Income Benefit payment and the charge for the benefit. | |
Graphic Example | |
Prior to annuitization, the two calculations (the 5% Annual Increase Amount and the Highest Anniversary Value) work together to protect your future income. Upon annuitization of the Contract, you will receive income payments for life and the Income Bases and the Contract Value will cease to exist. Also, the GMIB Plus II may only be exercised no later than the Contract Anniversary prior to the Contract Owner’s 91st birthday, after a 10-year waiting period, and then only within a 30-day period following the Contract Anniversary. (The GMIB II may only be exercised no later than the Contract Anniversary prior to the Contract Owner’s 86th birthday, after a 10-year waiting period, and then only within a 30-day period following the Contract Anniversary.) |
(5) | The Guaranteed Principal Option—GMIB Plus I and GMIB Plus II |
Initial Investment is $100,000. Assume that no withdrawals are taken. Assume that Contract Value at the 10th Contract Anniversary is $50,000 due to poor market performance, and you exercise the Guaranteed Principal Option at this time. | |
The effect of exercising the Guaranteed Principal Option: |
1) | A Guaranteed Principal Adjustment of $100,000 — $50,000 = $50,000 is added to the Contract Value 30 days after the 10th Contract Anniversary bringing it back up to $100,000. |
2) | The GMIB Plus rider and rider fee terminates as of the date that the Adjustment is made to the Contract Value; the variable annuity contract continues. |
3) | GMIB Plus Allocation and Transfer restrictions terminate as of the date that the Adjustment is made to the Contract Value. |
* | Withdrawals reduce the original purchase payment (i.e. those payments credited within 120 days of contract issue date) proportionately and therefore, may have a significant impact on the amount of the Guaranteed Principal Option. |
(6) | The Optional Step-Up: Automatic Annual Step-Up—GMIB Plus II |
Assume your initial investment is $100,000 and no withdrawals are taken. The 5% Annual Increase Amount increases to $105,000 on the first anniversary ($100,000 increased by 5% per year, compounded annually). Assume your Contract Value at the first Contract Anniversary is $110,000 due to good market performance, and you elected Optional Step-Up to occur under the Automatic Annual Step-Up feature prior to the first Contract Anniversary. Because your Contract Value is higher than your 5% Annual Increase Amount, an Optional Step-Up will automatically occur. | |
The effect of the Optional Step-Up is: |
(1) | The 5% Annual Increase Amount automatically resets from $105,000 to $110,000; |
(2) | The 10-year waiting period to annuitize the Contract under the Guaranteed Minimum Income Benefit is reset to 10 years from the first Contract Anniversary; |
(3) | The GMIB Plus II rider charge may be reset to the fee we would charge new Contract Owners for the same GMIB Plus II rider at that time; and |
(4) | The Guaranteed Principal Option can still be elected on the 10th Contract Anniversary. |
(1) | The 5% Annual Increase Amount automatically resets from $115,500 to $120,000; |
(2) | The 10-year waiting period to annuitize the Contract under the Guaranteed Minimum Income Benefit is reset to 10 years from the second Contract Anniversary; |
(3) | The GMIB Plus II rider charge may be reset to the fee we would charge new Contract Owners for the same GMIB Plus II rider at that time; and |
(4) | The Guaranteed Principal Option can still be elected on the 10th Contract Anniversary. |
(1) | The 5% Annual Increase Amount automatically resets to the higher Contract Value; |
(2) | The 10-year waiting period to annuitize the Contract under the Guaranteed Minimum Income Benefit is reset to 10 years from the date of the Optional Step-Up; |
(3) | The GMIB Plus II rider charge may be reset to the fee we would charge new Contract Owners for the same GMIB Plus II rider at that time; and |
(4) | The Guaranteed Principal Option can still be elected on the 10th Contract Anniversary. |
(1) | The 10-year waiting period to annuitize the Contract under the Guaranteed Minimum Income Benefit remains at the 17th Contract Anniversary (10 years from the date of the last Optional Step-Up); |
(2) | The GMIB Plus II rider charge remains at its current level; and |
(3) | The Guaranteed Principal Option can still be elected on the 10th Contract Anniversary. |
A. | Lifetime Withdrawal Guarantee |
1. When Withdrawals Do Not Exceed the Annual Benefit Payment |
B. | Lifetime Withdrawal Guarantee—Compounding Income Amount (for all states except New York) |
C. | Lifetime Withdrawal Guarantee—Automatic Annual Step-Ups and 7.25% Compounding Income Amount (No Withdrawals) |
D. | For Contracts Issued in New York State: Lifetime Withdrawal Guarantee Benefit—6% Compounding Income Amount |
E. | For Contracts Issued in New York State: Lifetime Withdrawal Guarantee Benefit—Automatic Annual Step-Ups and 6% Compounding Income Amount (No Withdrawals) |
F. | Enhanced Guaranteed Withdrawal Benefit and GWB I—How Withdrawals Affect the Benefit Base |
1. | An initial purchase payment is made of $100,000. The initial Benefit Base would be $105,000 ($100,000 + 5% GWB Bonus Amount). Assume that the Contract Value grew to $110,000 because of market performance. If a subsequent withdrawal of $10,000 were made, the Benefit Base would be reduced to $105,000 — $10,000 = |
$95,000. Assume the withdrawal of $10,000 exceeded the Annual Benefit Payment. Since the Contract Value of $100,000 exceeds the Benefit Base of $95,000, no further reduction to the Benefit Base is made. | |
2. | An initial purchase payment is made of $100,000. The initial Benefit Base would be $105,000. Assume that the Contract Value shrank to $90,000 because of market performance. If a subsequent withdrawal of $10,000 were made, the Benefit Base would be reduced to $95,000 and the Contract Value would be reduced to $80,000. Assume the withdrawal of $10,000 exceeded the Annual Benefit Payment. Since the Contract Value of $80,000 is less than the Benefit Base of $95,000, a further reduction of the $15,000 difference is made, bringing the Benefit Base to $80,000. |
G. | Enhanced Guaranteed Withdrawal Benefit and GWB I—How Withdrawals and Subsequent Purchase Payments Affect the Annual Benefit Payment |
H. | Enhanced Guaranteed Withdrawal Benefit and GWB I—How Withdrawals Affect the Annual Benefit Payment |
1. | An initial purchase payment is made of $100,000. The initial Benefit Base would be $105,000 and the initial Annual Benefit Payment would be $7,350. If a withdrawal of $9,000 was made the next day, and negative market performance reduced the Contract Value by an additional $1,000, the account value would be reduced to $100,000 — $9,000 — $1,000 = $90,000. Since the withdrawal of $9,000 exceeded the Annual Benefit Payment of $7,350, the Annual Benefit Payment would be reset to the lower of a) $7,350 (the Annual Benefit Payment before the withdrawal) and b) $6,300 (7% multiplied by the Contract Value after the withdrawal). In this case the Annual Benefit Payment would be reset to $6,300. |
2. | An initial purchase payment is made of $100,000. The initial Benefit Base would be $105,000 and the initial Annual Benefit Payment would be $7,350. If a withdrawal of $10,000 was made two years later after the Contract Value had increased to $150,000, the Contract Value would be reduced to $140,000. Since the withdrawal of $10,000 exceeded the Annual Benefit Payment of $7,350, the Annual Benefit Payment would be reset to the lower of a) $7,350 (the Annual Benefit Payment before the withdrawal) and b) $9,800 (7% multiplied by the Contract Value after the withdrawal). In this case the Annual Benefit Payment would remain at $7,350. |
I. | Enhanced Guaranteed Withdrawal Benefit and GWB I—How Withdrawals and Subsequent Purchase Payments Affect the Guaranteed Withdrawal Amount |
J. | Enhanced Guaranteed Withdrawal Benefit and GWB I—Putting It All Together |
1. When Withdrawals Do Not Exceed the Annual Benefit Payment |
K. | Enhanced GWB—How the Optional Reset Works (may be elected prior to age 86) |
L. | Enhanced GWB—How a one-time Optional Reset May Increase the Benefit Base While Decreasing the Guaranteed Withdrawal Amount and Annual Benefit Payment |
M. | Enhanced GWB and GWB I—Annual Benefit Payment Continuing When Account Value Reaches Zero |
Date | Amount | ||
A | Initial Purchase Payment | 10/1/2011 | $100,000 |
B | Contract Value | 10/1/2012
(First Contract Anniversary) |
$90,000 |
C1 | Contract Value (Highest Anniversary Value) | As of 10/1/2012 | $100,000
(= greater of A and B) |
C2 | 6% Annual Increase Amount | As of 10/1/2012 | $106,000
(= A x 1.06) |
C3 | Death Benefit | 10/1/2012 | $106,000
(= greater of C1 and C2) |
D | Withdrawal (Dollar-For-Dollar within 6% limit) | 10/2/2012 | $6,000 |
E | Percentage Reduction in Contract Value | 10/2/2012 | 6.67%
(= D/B) |
F | Contract Value after Withdrawal | 10/2/2012 | $84,000
(= B – D) |
G1 | Highest Anniversary Value reduced for Withdrawal | As of 10/2/2012 | $93,333
(= C1 – (C1 x E)) |
G2 | 6% Annual Increase Amount reduced for Withdrawal | As of 10/2/2012 | $100,017
(= C2 – D) Note: C2 includes additional day of interest at 6% |
G3 | Death Benefit | 10/2/2012 | $100,017
(= greater of G1 and G2) |
H | Contract Value | 10/1/2013
(Second Contract Anniversary) |
$110,000 |
I1 | Contract Value (Highest Anniversary Value) | 10/1/2013 | $110,000
(= greater of G1 and H) |
I2 | 6% Annual Increase Amount | 10/1/2013 | $106,360
(= C2 x 1.06 – D) |
I3 | Death Benefit | 10/1/2013 | $110,000
(= greater of I1 and I2) |
J | Withdrawal (Proportional above 6% limit) | 10/2/2013 | $11,000 |
K | Percentage Reduction in Contract Value | 10/2/2013 | 10%
(= J/H) |
L | Contract Value after Withdrawal | 10/2/2013 | $99,000
(= H – J) |
M1 | Highest Anniversary Value reduced for Withdrawal | As of 10/2/2013 | $99,000
(= 11 – (11 x K)) |
M2 | 6% Annual Increase Amount reduced for Withdrawal | As of 10/2/2013 | $95,739
(= 12 – (12 x K)) Note: 12 includes additional day of interest at 6% |
M3 | Death Benefit | 10/2/2013 | $99,000 (= greater of M1 and M2) |
(1) | The 5% Annual Increase Amount resets from $105,000 to $110,000; and |
(2) | The Enhanced Death Benefit rider charge may be reset to the fee we would charge new Contract Owners for the Enhanced Death Benefit at that time. |
(1) | The 5% Annual Increase Amount automatically resets from $105,000 to $110,000; and |
(2) | The Enhanced Death Benefit rider charge may be reset to the fee we would charge new Contract Owners for the Enhanced Death Benefit at that time. |
(1) | The 5% Annual Increase Amount automatically resets from $115,500 to $120,000; and |
(2) | The Enhanced Death Benefit rider charge may be reset to the fee we would charge new Contract Owners for the Enhanced Death Benefit at that time. |
(1) | The 5% Annual Increase Amount automatically resets to the higher Contract Value; and |
(2) | The Enhanced Death Benefit rider charge may be reset to the fee we would charge new Contract Owners for the Enhanced Death Benefit at that time. |
Fiscal year | Aggregate
Amount of Commissions Paid to Distributor* |
Aggregate
Amount of Commissions Retained by Distributor After Payments to its Registered Persons and Selling Firms | ||
2021 |
$4,293,356 | $0 | ||
2020 |
$4,800,249 | $0 | ||
2019 |
$4,129,497 | $0 |
* | Includes sales compensation paid to registered persons of Distributor. |
(1) | The Company takes the net asset value per share of the Eligible Fund held in the subaccount determined as of the close of regular trading on the New York Stock Exchange on a particular day; |
(2) | Next, the Company adds the per share amount of any dividend or capital gains distribution made by the Eligible Fund since the close of regular trading on the New York Stock Exchange on the preceding trading day. |
(3) | This total amount is then divided by the net asset value per share of the Eligible Fund as of the close of regular trading on the New York Stock Exchange on the preceding trading day. |
(4) | Finally, the Company subtracts the daily charges for the Asset-Based Insurance Charge for that Class since the close of regular trading on the New York Stock Exchange on the preceding trading day. (See “Asset-Based Insurance Charge, Withdrawal Charge and Other Deductions” in the prospectus.) |
(1) | The Contract proceeds are applied at the Company’s annuity purchase rates for the selected Assumed Investment Return to determine the initial payment. (The amount of Contract Value or Death Proceeds applied will be reduced by any applicable Withdrawal Charge, Contract Administrative Fee, and premium tax charge, as described in the prospectus.) |
(2) | The number of annuity units is determined by dividing the amount of the initial payment by the applicable annuity unit value(s) for the Class next determined following the date of application of proceeds. |
(i) | None |
(j) | None |
(l)(i) | Consent of Independent Registered Public Accounting Firm (Deloitte & Touche LLP). (Filed herewith.) |
(m) | None |
(n) | None |
(o) | None |
Name and Principal Business Address | Positions and offices with Depositor |
Tara
Figard 11225 North Community House Road Charlotte, NC 28277 |
Chairman of the Board, President, Chief Executive Officer and a Director |
Rachel
M. D’Anna 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Director and Vice President |
Jeffrey
P. Halperin 11225 North Community House Road Charlotte, NC 28277 |
Director, Vice President and Chief Compliance Officer |
Devon
Arendosh 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Chief Information Security Officer |
David
Chamberlin 12802 Tampa Oaks Boulevard, Suite 447 Temple Terrace, FL 33637 |
Vice President |
Christine
DeBiase 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Assistant Secretary |
David
Dooley 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Vice President |
Gianna
Figaro-Sterling 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Chief Financial Officer |
Tyler
Gates 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Appointed Actuary |
James
Grady 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Vice President and Chief Investment Officer |
Christopher
Hartsfield 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Assistant Secretary |
James
Hoffman 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Illustration Actuary |
Jeffrey
Hughes 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Chief Technology Officer |
Roger
Kramer, Jr. 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Vice President |
John
Lima 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Chief Derivatives Officer |
Philip
Melville 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Vice President |
Melissa
Pavlovich 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Tax Director |
Phillip
Pfotenhauer 12802 Tampa Oaks Boulevard, Suite 447 Temple Terrace, FL 33637 |
Vice President |
Marcy
Thailer 11225 North Community House Road Charlotte, NC 28277 |
Vice President – Dividend Actuary |
A. | Brighthouse Holdings, LLC (DE) | |||
1. | New England Life Insurance Company (MA) | |||
2. | Brighthouse Life Insurance Company (DE) | |||
a. | Brighthouse Reinsurance Company of Delaware (DE) | |||
b. | Brighthouse Life Insurance Company of NY (NY) | |||
c. | Brighthouse Connecticut Properties Ventures, LLC (DE) | |||
d. | Brighthouse Renewables Holdings, LLC (DE) | |||
(i.) | Greater Sandhill I, LLC (DE) | |||
e. | Daniel/Brighthouse Midtown Atlanta Master Limited Liability Company (DE) | |||
(i.) | 1075 Peachtree LLC (DE) | |||
f. | Brighthouse Assignment Company (CT) | |||
g. | ML 1065 Hotel, LLC (DE) | |||
h. | TIC European Real Estate LP, LLC (DE) | |||
i. | Euro TL Investments LLC (DE) | |||
j. | TLA Holdings LLC (DE) | |||
(i.) | The Prospect Company, LLC (DE) | |||
k. | Euro TI Investments LLC (DE) | |||
l. | TLA Holdings II LLC (DE) | |||
3. | Brighthouse Securities, LLC (DE) | |||
4. | Brighthouse Services, LLC (DE) | |||
5. | Brighthouse Investment Advisers, LLC (DE) |
(a) | Brighthouse Securities, LLC is the principal underwriter for the following investment companies (including the Registrant): |
(b) | Brighthouse Securities, LLC is the principal underwriter for the Contracts. The following persons are the officers and managers of Brighthouse Securities, LLC. The principal business address for Brighthouse Securities, LLC is 11225 North Community House Road, Charlotte, NC 28277. |
Name | Positions
and Offices with Principal Underwriter |
Myles
Lambert 11225 North Community House Road Charlotte, NC 28277 |
Manager, President and Chief Executive Officer |
Jeffrey
Halperin 11225 North Community House Road Charlotte, NC 28277 |
Vice President, Chief Compliance Officer and General Counsel |
Christopher
Hartsfield 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Assistant Secretary |
John
Lima 334 Madison Avenue, Floor 3 Morristown, NJ 07960 |
Vice President and Chief Derivatives Officer |
Melissa
Pavlovich 11225 North Community House Road Charlotte, NC 28277 |
Vice President and Tax Director |
(c) | Commissions are paid by the Company directly to agents who are registered representatives of the principal underwriter, or to broker-dealers that have entered into selling agreements with the principal underwriter with respect to sales of the Contracts. |
(1)
Name of Principal Underwriter |
(2)
Net Underwriting Discounts and Commissions |
(3)
Compensation on Redemption |
(4)
Brokerage Commissions |
(5)
Compensation | ||||
Brighthouse Securities,
LLC |
$4,293,355 | $0 | $0 | $0 |
(a) | to offer Contracts to participants in the Texas Optional Retirement program in reliance upon Rule 6c-7 of the Investment Company Act of 1940 and to comply with paragraphs (a)-(d) of that Rule; and |
(b) | to comply with and rely upon the Securities and Exchange Commission No-Action letter to The American Council of Life Insurance, dated November 28, 1988, regarding Sections 22(e), 27(c)(1) and 27(d) of the Investment Company Act of 1940. |
NEW ENGLAND VARIABLE ANNUITY SEPARATE ACCOUNT | ||
(Registrant) | ||
By: | NEW ENGLAND LIFE INSURANCE COMPANY | |
(Depositor) | ||
By: | /s/ Kevin Finneran | |
Kevin
Finneran Vice President |
NEW ENGLAND LIFE INSURANCE COMPANY | ||
(Depositor) | ||
By: | /s/ Kevin Finneran | |
Kevin
Finneran Vice President |
/s/
Tara Figard* Tara Figard |
Chairman of the Board, President, Chief Executive Officer and a Director |
/s/
Lindsey M. Cox* Lindsey M. Cox |
Director |
/s/
Rachel M. D’Anna* Rachel M. D’Anna |
Director and Vice President |
/s/
Meghan Doscher* Meghan Doscher |
Director and Vice President |
/s/
Lynn A. Dumais* Lynn A. Dumais |
Director and Vice President |
/s/
Gianna H. Figaro-Sterling* Gianna H. Figaro-Sterling |
Vice President and Chief Financial Officer |
/s/
Jeffrey P. Halperin* Jeffrey P. Halperin |
Director, Vice President and Chief Compliance Officer |
/s/
Donald A. Leintz* Donald A. Leintz |
Director and Vice President |
/s/
Kristine Toscano* Kristine Toscano |
Vice President (principal accounting officer) |
By: | /s/ Michele H. Abate | |
Michele
H. Abate, Attorney-In-Fact April 18, 2022 |
(f)(v) | Amended and Restated By-Laws of Depositor |
(h)(iii)(c) | Amendment to American Funds Insurance Series Fund Participation Agreement |
(h)(viii)(b) | Amendment to Brighthouse Funds Trust I Participation Agreement |
(h)(ix)(b) | Amendment to Brighthouse Funds Trust II Participation Agreement |
(l)(i) | Consent of Independent Registered Public Accounting Firm (Deloitte & Touche LLP) |
(l)(ii) | Consent of Independent Auditor (Deloitte & Touche LLP) |
(q) | Powers of Attorney |
This ‘485BPOS’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Effective on: | 4/29/22 | 485BPOS | ||
Filed on: | 4/25/22 | 485BPOS | ||
4/18/22 | ||||
12/31/21 | 24F-2NT, N-30D, N-CEN, N-VPFS | |||
1/1/21 | ||||
12/31/20 | 24F-2NT, N-30D, N-CEN, N-VPFS, N-VPFS/A | |||
1/1/20 | ||||
8/4/17 | ||||
12/1/16 | ||||
8/17/12 | ||||
7/1/12 | ||||
5/4/09 | 497, 497J | |||
5/1/09 | 485BPOS | |||
2/24/09 | ||||
1/1/09 | ||||
9/24/07 | ||||
7/16/07 | 485BPOS | |||
2/26/07 | ||||
2/27/06 | ||||
5/1/05 | 485BPOS | |||
5/1/04 | ||||
9/2/03 | ||||
5/1/03 | ||||
2/15/03 | ||||
6/1/01 | ||||
12/31/99 | 24F-2NT, N-30D, NSAR-U | |||
1/1/97 | ||||
8/30/96 | ||||
7/1/94 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/24/24 New England Var Annuity Sep Acct 485BPOS 4/29/24 4:3.5M Donnelley … Solutions/FA 4/24/23 New England Var Annuity Sep Acct 485BPOS 5/01/23 5:3.6M Donnelley … Solutions/FA 4/28/22 New England Var Annuity Sep Acct 497VPU 4/28/22 1:424K Donnelley … Solutions/FA |