Lincoln Benefit Life Company
Lincoln Benefit Life Variable Annuity Account
Supplement, dated October 23, 2007 to
The Consultant Solutions Classic Variable Annuity Prospectus
The Consultant Solutions Plus Variable Annuity Prospectus
The Consultant Solutions Elite Variable Annuity Prospectus
The Consultant Solutions Select Variable Annuity Prospectus
This supplement amends certain disclosures contained in the above-referenced prospectuses for certain variable annuity contracts issued by Lincoln Benefit Life Company. Please keep this supplement for future reference together with your prospectus.
We have received notice that the Board of Trustees (“Board”) of Premier VIT has approved the liquidation, on or about January 18, 2008, 2008, of the Premier VIT OpCap Renaissance Portfolio (the “Portfolio”). Due to the liquidation of the Portfolio, we will no longer accept new premiums for investment in, nor will we permit transfers to, the Premier VIT OpCap Renaissance Sub-Account (the “OpCap” Sub-Account”) on or after January 16, 2008.
As the OpCap Sub-Account will no longer be offered as an investment alternative, you may wish to transfer, prior to January 18, 2008, some or all of your Contract Value in the OpCap Sub-Account to other investment alternatives currently offered by your Contracts. Such transfer is not subject to a transfer fee. Any value remaining in the OpCap Sub-Account will be transferred automatically, as of January 18, 2008, to the PIMCO VIT Money Market Sub-Account, an investment alternative already available under your Contract.
If you currently allocate Contract Value to the OpCap Sub-Account through automatic additions, automatic portfolio rebalancing, dollar cost averaging or systematic withdrawal programs, your allocations in these programs will also need to be changed. If you do not change these allocations to other investment alternatives currently available under your Contract, any allocations to the OpCap Sub-Account will be automatically allocated, as of January 18, 2008, to the PIMCO VIT Money Market Sub-Account.
Attached as Appendix A is a list of the Investment Alternatives currently available under your Contract.
If you have Contract Value in the affected Sub-Account under the TrueReturnSM Accumulation Benefit Option, we strongly encourage you, prior to January 18, 2008, to transfer all of your Contract Value out of the affected Sub-Account. If you have Guarantee Option 1, Model Portfolio Option 1 or Guarantee Option 2, Model Portfolio 2 (Rider Date prior to May 1, 2005) you should transfer the funds to another Category C investment alternative in order to maintain the percentage allocation requirements for these benefit options. Appendix B is attached and lists your Category C investment alternatives. If you have Guarantee Option 2, Model Portfolio Option 2 (Rider Date on or after May 1, 2005) you should transfer the funds to another acceptable investment alternative as described in your prospectus and shown in Appendix B of the prospectus supplement for that benefit option.
We will send you a confirmation that shows the amount that we transferred to the PIMCO VIT Money Market Sub-Account or to the investment alternative that you chose and the date of the transaction. For additional information on how to transfer to another investment alternative, or how to make a change to your current allocation(s), please contact your financial representative or call our Customer Service Center at 1-800-865-5237
If your Contract Value in the OpCap Sub-Account is transferred automatically to the PIMCO VIT Money Market Sub-Account, for 60 days following the automatic transfer, you may transfer your Contract Value in the PIMCO VIT Money Market Sub-Account to any other investment alternative(s) available under your Contract (or to any other acceptable investment alternative for your particular benefit option, if any). Such transfer is not subject to a transfer fee.
APPENDIX A
The Consultant Solutions variable annuity contract offers a variety of Investment Alternatives that encompass investment choices ranging from aggressive to conservative. Below is a lineup of the Portfolios and Fixed Account Investment Alternatives currently available. Also included is the investment objective for each Portfolio. For more complete information about each Portfolio, including expenses and risks associated with the Portfolio, please refer to the relevant prospectus for the Portfolio.
PORTFOLIOS
Portfolio | Investment Objective |
AIM V.I. Basic Value Fund - Series II | Long-term growth of capital |
AIM V.I. Capital Appreciation Fund - Series II | Growth of capital |
AIM V.I. Core Equity Fund - Series II | Growth of capital |
AIM V.I. Mid Cap Core Equity Fund - Series II | Long-term growth of capital |
Alger American Growth Portfolio - Class S | Long-term capital appreciation |
Alger American Leveraged AllCap Portfolio - Class S | Long-term capital appreciation |
Alger American MidCap Growth Portfolio - Class S | Long-term capital appreciation |
Fidelity VIP Asset Manager(SM) Portfolio - Service Class 2 | High total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments. |
Fidelity VIP Contrafund® Portfolio - Service Class 2 | Long-term capital appreciation |
Fidelity VIP Equity-Income Portfolio - Service Class 2 | Reasonable income. The fund will also consider the potential for capital appreciation. The funds goal is to achieve a yield which exceeds the composite yield on the securities comprising the Standard & Poors 500(SM) Index (S&P 500® ). |
Fidelity VIP Growth Portfolio - Service Class 2 | To achieve capital appreciation |
Fidelity VIP Index 500 Portfolio - Service Class 2 | Investment results that correspond to the total return of common stocks publicly traded in the United States as represented by the Standard & Poors 500(SM) Index (S&P 500® ) |
Fidelity VIP Investment Grade Bond Portfolio - Service Class 2 | As high a level of current income as is consistent with the preservation of capital |
Fidelity VIP Money Market Portfolio - Service Class 2 | As high a level of current income as is consistent with preservation of capital and daily liquidity. |
Fidelity VIP Overseas Portfolio - Service Class 2 | Long-term growth of capital |
Janus Aspen Series Balanced Portfolio - Service Shares | Long-term capital growth, consistent with preservation of capital and balanced by current income |
Janus Aspen Series Foreign Stock Portfolio - Service Shares | Long-term growth of capital. |
Janus Aspen Series Forty Portfolio - Service Shares | Long-term growth of capital |
Janus Aspen Series Mid Cap Value Portfolio - Service Shares | Capital appreciation |
Janus Aspen Series INTECH Risk-Managed Core Portfolio - Service Shares | Long-term growth of capital |
Janus Aspen Series Small Company Value Portfolio - Service Shares | Capital appreciation |
Legg Mason Partners Variable Fundamental Value Portfolio - Class I (2) | Long-term capital growth with current income as a secondary consideration |
Legg Mason Partners Variable Investors Portfolio - Class I (3) | Long-term growth of capital with current income as a secondary objective |
Legg Mason Partners Variable Global High Yield Bond Portfolio - Class II | Maximum total return, consistent with preservation of capital |
MFS High Income Series - Service Class | Total return with an emphasis on high current income, but also considering capital appreciation |
MFS Investors Growth Stock Series - Service Class | Capital appreciation |
MFS Investors Trust Series - Service Class | Capital appreciation |
MFS New Discovery Series - Service Class | Capital appreciation |
MFS Total Return Series - Service Class | Total return |
MFS Value Series - Service Class | Capital appreciation |
Oppenheimer Global Securities Fund/VA - Service Shares | Long-term capital appreciation by investing a substantial portion of assets in securities of foreign issuers, growth-type companies, cyclical industries and special situations that are considered to have appreciation possibilities. |
Oppenheimer Main Street Small Cap Fund® /VA - Service Shares | Capital appreciation. |
Oppenheimer MidCap Fund/VA - Service Shares | Capital appreciation by investing in growth type companies. |
PIMCO VIT Foreign Bond Portfolio (U.S. Dollar-Hedged) - Administrative Shares | Maximum total return, consistent with preservation of capital and prudent investment management. |
PIMCO VIT Money Market Portfolio - Administrative Shares | Maximum current income, consistent with preservation of capital and daily liquidity |
PIMCO VIT Real Return Portfolio - Administrative Shares | Maximum real return, consistent with preservation of real capital and prudent investment management |
PIMCO VIT Total Return Portfolio - Administrative Shares | Maximum total return, consistent with preservation of capital and prudent investment management. |
Premier VIT OpCap Balanced Portfolio | Growth of capital and investment income |
Rydex VT Sector Rotation Fund | Long-term capital appreciation. |
T. Rowe Price Blue Chip Growth Portfolio - II | Long-term capital growth. Income is a secondary objective. |
T. Rowe Price Equity Income Portfolio - II | Substantial dividend income as well as long-term growth of capital. |
Van Eck Worldwide Absolute Return Fund | Consistent absolute (positive) returns in various market cycles |
Van Eck Worldwide Emerging Markets Fund | Long-term capital appreciation by investing primarily in equity securities in emerging markets around the world |
Van Eck Worldwide Hard Assets Fund | Long-term capital appreciation by investing primarily in “hard asset securities” with income as a secondary consideration |
Van Kampen LIT Aggressive Growth Portfolio, Class II | Capital growth |
Van Kampen LIT Government Portfolio, Class II | High current return consistent with preservation of capital |
Van Kampen LIT Growth and Income Portfolio, Class II | Long-term growth of capital and income. |
Van Kampen UIF Equity Growth Portfolio, Class II | Long-term capital appreciation by investing primarily in growth-oriented equity securities of large capitalization companies. |
Van Kampen UIF U.S. Real Estate Portfolio, Class II | Above average current income and long-term capital appreciation by investing primarily in equity securities of companies in the U.S. real estate industry, including real estate investment trusts. |
APPENDIX B
Model Portfolio Option 1 - If you chose Model Portfolio Option 1 or transferred your entire Contract Value into Model Portfolio Option 1, you must allocate your Contract Value currently in the Premier VIT OpCap Rennaissance Sub-Account to another Category C investment alternative(s), which currently are:
Model Portfolio Option 1 |
Category C AIM V.I. Basic Value - Series II Sub-Account AIM V.I. Core Equity - Series II Sub-Account AIM V.I. Mid Cap Core Equity - Series II Sub-Account Fidelity VIP Contrafund® - Service Class 2 Sub-Account Fidelity VIP Equity-Income - Service Class 2 Sub-Account Fidelity VIP Index 500 - Service Class 2 Sub-Account Fidelity VIP Overseas - Service Class 2 Sub-Account Fidelity VIP Asset Manager(SM) - Service Class 2 Sub-Account Janus Aspen Series Foreign Stock - Service Shares Sub-Account Janus Aspen Series Forty - Service Shares Sub-Account Janus Aspen Series Mid Cap Value - Service Shares Sub-Account Janus Aspen Series INTECH Risk-Managed Core - Service Shares Sub-Account Janus Aspen Series Balanced - Service Shares Sub-Account Janus Aspen Series Small Company Value - Service Shares Sub-Account Legg Mason Partners Variable Fundamental Value Portfolio - Class I Sub-Account Legg Mason Partners Variable Investors - Class I Sub-Account MFS Investors Trust - Service Class Sub-Account MFS Total Return - Service Class Sub-Account MFS Investors Growth Stock - Service Class Sub-Account MFS Value - Service Class Sub-Account Oppenheimer MidCap/VA - Service Shares Sub-Account Oppenheimer Main Street Small Cap® /VA - Service Shares Sub-Account Premier VIT OpCap Balanced Sub-Account Rydex VT Sector Rotation Sub-Account T. Rowe Price Equity Income - II Sub-Account T. Rowe Price Blue Chip Growth - II Sub-Account Van Eck Worldwide Absolute Return Sub-Account Van Kampen LIT Growth and Income, Class II Sub-Account |
Model Portfolio Option 2.
Rider Date prior to May 1, 2005 - If your TrueReturn Accumulation Benefit Option Rider Date is prior to May 1, 2005, and you chose Model Portfolio Option 2 or transferred your entire Contract Value into Model Portfolio Option 2 under Guarantee Option 2, you must allocate your Contract Value currently in the Premier VIT OpCap Rennaissance Sub-Account to another Category C investment alternative(s), which currently are:
Model Portfolio Option 2 (Rider Date Prior to May 1, 2005) |
Category C AIM V.I. Basic Value - Series II Sub-Account AIM V.I. Mid Cap Core Equity - Series II Sub-Account Fidelity VIP Equity-Income - Service Class 2 Sub-Account Fidelity VIP Index 500 - Service Class 2 Sub-Account Fidelity VIP Asset ManagerSM - Service Class 2 Sub-Account Janus Aspen Series Mid Cap Value - Service Shares Sub-Account Janus Aspen Series INTECH Risk-Managed Core - Service Shares Sub-Account Janus Aspen Series Balanced - Service Shares Sub-Account Janus Aspen Series Small Company Value - Service Shares Sub-Account Legg Mason Partners Variable Investors - Class I Sub-Account MFS Investors Trust - Service Class Sub-Account MFS Total Return - Service Class Sub-Account MFS Value - Service Class Sub-Account Oppenheimer MidCap/VA - Service Shares Sub-Account Premier VIT OpCap Balanced Sub-Account T. Rowe Price Equity Income - II Sub-Account Van Eck Worldwide Absolute Return Sub-Account Van Kampen LIT Growth and Income, Class II Sub-Account |
Rider Date on or after May 1, 2005- If your TrueReturn Accumulation Benefit Option Rider Date is on or after May 1, 2005, and you chose Model Portfolio Option 2 or transferred your entire Contract Value into Model Portfolio Option 2 under Guarantee Option 2, you must allocate your Contract Value currently in the Premier VIT OpCap Rennaissance Sub-Account to another available\ investment alternative(s), which currently are:
Model Portfolio Option 2 (Rider Date on or after May 1, 2005) |
Available |
AIM V.I. Basic Value - Series II Sub-Account AIM V.I. Core Equity - Series II Sub-Account AIM V.I. Mid Cap Core Equity - Series II Sub-Account Fidelity VIP Contrafund® - Service Class 2 Sub-Account Fidelity VIP Equity-Income - Service Class 2 Sub-Account Fidelity VIP Index 500 - Service Class 2 Sub-Account Fidelity VIP Investment Grade Bond - Service Class 2 Sub-Account Fidelity VIP Overseas - Service Class 2 Sub-Account Fidelity VIP Asset Manager(SM) - Service Class 2 Sub-Account Fidelity VIP Money Market - Service Class 2 Sub-Account Janus Aspen Series Foreign Stock - Service Shares Sub-Account Janus Aspen Series Forty - Service Shares Sub-Account Janus Aspen Series Mid Cap Value - Service Shares Sub-Account Janus Aspen Series INTECH Risk-Managed Core - Service Shares Sub-Account Janus Aspen Series Balanced - Service Shares Sub-Account Janus Aspen Series Small Company Value - Service Shares Sub-Account Legg Mason Partners Variable Fundamental Value Portfolio - Class I Sub-Account Legg Mason Partners Variable Global High Yield Bond - Class II Sub-Account Legg Mason Partners Variable Investors - Class I Sub-Account MFS Investors Trust - Service Class Sub-Account MFS High Income - Service Class Sub-Account MFS Investors Growth Stock - Service Class Sub-Account MFS Total Return - Service Class Sub-Account MFS Value - Service Class Sub-Account PIMCO VIT Foreign Bond (U.S. Dollar-Hedged) - Administrative Shares Sub-Account PIMCO VIT Money Market - Administrative Shares Sub-Account PIMCO VIT Real Return - Administrative Shares Sub-Account PIMCO VIT Total Return - Administrative Shares Sub-Account Oppenheimer MidCap/VA - Service Shares Sub-Account Oppenheimer Main Street Small Cap® /VA - Service Shares Sub-Account Premier VIT OpCap Balanced Sub-Account Rydex VT Sector Rotation Sub-Account T. Rowe Price Equity Income - II Sub-Account T. Rowe Price Blue Chip Growth - II Sub-Account Van Eck Worldwide Absolute Return Sub-Account Van Kampen LIT Growth and Income, Class II Sub-Account Van Kampen LIT Government, Class II Sub-Account Van Kampen UIF U.S. Real Estate, Class II Sub-Account |