PIONEER VARIABLE CONTRACTS TRUST

                   MULTIPLE CLASS PLAN PURSUANT TO RULE 18F-3

                       CLASS I SHARES AND CLASS II SHARES

                                 August 3, 2004

     The series of Pioneer Variable Contracts Trust (the "Trust") listed on
SCHEDULE A hereto (each, a "Series") will have two classes of shares, Class I
and Class II shares. Within each Series, Class I and Class II shares shall have
the same relative rights and privileges and shall be subject to the same sales
charges, fees and expenses, except as set forth below. The Board of Trustees of
the Trust, on behalf of an applicable Series, may determine in the future that
other distribution arrangements, allocations of expenses (whether ordinary or
extraordinary) or services to be provided to a class of shares are appropriate
and amend this Plan accordingly without the approval of shareholders of any
class. Except as set forth in the Series' prospectuses, shares may be exchanged
only for shares of the same class of another Series.

ARTICLE I. CLASS I SHARES

     Class I Shares are sold at net asset value per share without the imposition
of an initial sales charge. Class I Shares are not subject to a contingent
deferred sales charge ("CDSC") upon redemption regardless of the length of the
period of time such shares are held. Class I Shares shall be entitled to the
shareholder services set forth from time to time in the Series' prospectus with
respect to Class I Shares. Class I Shares are not subject to fees payable under
a distribution or other plan adopted pursuant to Rule 12b-1. The Class I
Shareholders of the Trust have exclusive voting rights, if any, with respect to
the Trust's possible future adoption of a Class I Rule 12b-1 Distribution Plan.
Transfer agency fees are allocated to Class I Shares on a per account basis
except to the extent, if any, such an allocation would cause the Trust or the
Series to fail to satisfy any requirement necessary to obtain or rely on a
private letter ruling from the Internal Revenue Service ("IRS") relating to the
issuance of multiple classes of shares. Class I shares shall bear the costs and
expenses associated with conducting a shareholder meeting for matters relating
to Class I shares.

ARTICLE II. CLASS II SHARES

     Class II Shares are sold at net asset value per share without the
imposition of an initial sales charge. Class II Shares are not subject to a CDSC
upon redemption regardless of the length of the period of time such shares are
held. Class II Shares shall be entitled to the shareholder services set forth
from time to time in the Series' prospectus with respect to Class II Shares.
Class II Shares are subject to fees calculated as a stated percentage of the net
assets attributable to Class II shares under the Class II Rule 12b-1
Distribution Plan as set forth in such Distribution Plan. The Class II
Shareholders of the applicable Series have exclusive voting rights, if any, with
respect to the Trust's Class II Rule 12b-1 Distribution Plan. Transfer agency
fees are allocated to Class II Shares on a per account basis except to the
extent, if any, such an allocation would cause the Trust or the Series to fail
to satisfy any requirement necessary to obtain or rely on a private letter
ruling from the IRS relating to the issuance of multiple classes of shares.
Class II shares

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shall bear the costs and expenses associated with conducting a shareholder
meeting for matters relating to Class II shares.

ARTICLE III. APPROVAL BY BOARD OF TRUSTEES

     This Plan shall not take effect until it has been approved by the vote of a
majority (or whatever greater percentage may, from time to time, be required
under Rule 18f-3 under the Investment Company Act of 1940, as amended (the
"Act")) of (a) all of the Trustees of the Trust, on behalf of each series, and
(b) those of the Trustees who are not "interested persons" of the Trust, as such
term may be from time to time defined under the Act.

ARTICLE IV. AMENDMENTS

     No material amendment to the Plan shall be effective unless it is approved
by the Board of Trustees in the same manner as is provided for approval of this
Plan in Article III.

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                        SCHEDULE A (AS OF AUGUST 3, 2004)

Pioneer America Income VCT Portfolio

Pioneer Balanced VCT Portfolio

Pioneer Bond VCT Portfolio

Pioneer Emerging Markets VCT Portfolio

Pioneer Equity Income VCT Portfolio

Pioneer Europe VCT Portfolio

Pioneer Fund VCT Portfolio

Pioneer Growth Shares VCT Portfolio

Pioneer Growth Opportunities VCT Portfolio

Pioneer High Yield VCT Portfolio

Pioneer International Value VCT Portfolio

Pioneer Mid Cap Value VCT Portfolio

Pioneer Money Market VCT Portfolio

Pioneer Oak Ridge Large Cap Growth VCT Portfolio

Pioneer Papp America-Pacific Rim VCT Portfolio

Pioneer Papp Small and Mid Cap Growth VCT Portfolio

Pioneer Real Estate Shares VCT Portfolio

Pioneer Small Cap Value VCT Portfolio

Pioneer Small Company VCT Portfolio

Pioneer Strategic Income VCT Portfolio

Pioneer Value VCT Portfolio