PRUDENTIAL PREMIER® RETIREMENT VARIABLE ANNUITY
PRUDENTIAL PREMIER® INVESTMENT VARIABLE ANNUITYSM (“B SERIES”)
PRUDENTIAL PREMIER® INVESTMENT VARIABLE ANNUITYSM (“C SERIES”)
PRUCO LIFE INSURANCE COMPANY
PRUCO LIFE FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
PRUCO LIFE OF NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT
Supplement dated November 26, 2018
to Prospectuses dated April 30, 2018
This Supplement should be read in conjunction with the current Prospectus for your Annuity and should be retained for future reference. This Supplement is intended to update certain information in the Prospectus for the variable annuity you own and is not intended to be a prospectus or offer for any other variable annuity that you do not own. Defined terms used herein and not otherwise defined herein shall have the meanings given to them in the Prospectuses and Statements of Additional Information.
This Supplement contains information about changes for the AST Columbia Adaptive Risk Allocation Portfolio of the Advanced Series Trust available through your Annuity. If you would like another copy of the current Annuity Prospectus, please call us at 1-888-PRU-2888.
AST Columbia Adaptive Risk Allocation Portfolio – Merger:
Effective on or about January 28, 2019 (the “Effective Date”), the AST Columbia Adaptive Risk Allocation Portfolio (the “Target Portfolio”) will be merged into the AST T. Rowe Price Diversified Real Growth Portfolio (the “Acquiring Portfolio”) as noted below. All references to the AST Columbia Adaptive Risk Allocation Portfolio in your Annuity Prospectus should be disregarded after the Effective Date.
|
| |
| Target Portfolio | Acquiring Portfolio |
| AST Columbia Adaptive Risk Allocation Portfolio | AST T. Rowe Price Diversified Real Growth Portfolio |
On the Effective Date, the Target Portfolio will no longer be available under your annuity contract, and any Account Value allocated to the Sub-account investing in the Target Portfolio will be transferred to the Sub-account investing in the Acquiring Portfolio. This transfer will be made by replacing your contract’s units of the Sub-account investing in the Target Portfolio with units of the Sub-account investing in the Acquiring Portfolio based on the unit value of each Portfolio at the time of the merger.
The annual expenses for the AST T. Rowe Price Diversified Real Growth Portfolio are shown below. The table captioned “Underlying Mutual Fund Portfolio Annual Expenses” in the “Summary of Contract Fees and Expenses” section of the Prospectus is as follows with respect to the Portfolio shown below:
|
| | | | | | | | | |
| UNDERLYING MUTUAL FUND PORTFOLIO ANNUAL EXPENSES |
| (as a percentage of the average net assets of the underlying Portfolios) |
| FUNDS | Management Fees | Other
Expenses | Distribution
(12b-1)
Fees | Dividend
Expense on
Short Sales | Broker Fees
and Expenses
on Short
Sales | Acquired
Portfolio
Fees &
Expenses | Total
Annual
Portfolio
Operating
Expenses | Fee Waiver
or Expense
Reimbursement | Net Annual
Fund
Operating
Expenses |
| AST T. Rowe Price Diversified Real Growth Portfolio | 0.73% | 0.97% | 0.25% | 0.00% | 0.00% | 0.06% | 2.01% | 0.96% | 1.05% |
GENPRODSUP7
In the “Investment Options” section of the Prospectus, information pertaining to the AST T. Rowe Price Diversified Real Growth Portfolio is as follows:
|
| | | | |
PORTFOLIO NAME | | INVESTMENT OBJECTIVE(S) | | PORTFOLIO ADVISER/SUBADVISER(S) |
| AST T. Rowe Price Diversified Real Growth Portfolio | | Seeks long-term capital appreciation and secondarily, income. | | T. Rowe Price Associates, Inc. T. Rowe Price International Ltd. T. Rowe Price Japan, Inc. T. Rowe Price Hong Kong Limited. |
Please note that you have the ability to transfer Account Value out of the Target Portfolio into an investment option available under your annuity contract any time prior to the Effective Date. Such transfers will be free of charge and will not count as one of your annual free transfers under your annuity contract. Also, for a period of 60 days after the Effective Date, any Account Value that was transferred to the Acquiring Portfolio as a result of the merger can be transferred into an investment option available under your annuity contract free of charge and will not count as one of your annual free transfers. It is important to note that any investment option into which you make your transfer will be subject to the transfer limitations described in your Prospectus. Please refer to your Prospectus for detailed information about investment options.
After the Effective Date, the Target Portfolio will no longer exist and, unless you instruct us otherwise, any outstanding instruction you have on file with us that designates the Target Portfolio will be deemed an instruction for the Acquiring Portfolio. This includes, but is not limited to, Systematic Withdrawals and Dollar Cost Averaging.
You may wish to consult with your financial professional to determine if your existing allocation instructions should be changed before or after the Effective Date.
THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE.
GENPRODSUP7
