NEWARK, N.J., May 02, 2011 - Beginning today, Prudential Annuities is offering a new variable annuity, Prudential Premier Retirement, through financial services firm Edward Jones. The new annuity will be offered with Prudential Annuities’ Highest Daily® optional living benefits for an additional cost. Prudential Premier Retirement combines some of the most attractive features of a traditional A and B share variable annuity such as lower charges for higher investment amounts and immediate investment of the initial purchase payment. This product can be used in conjunction with the Highest Daily Lifetime Benefit.
With Prudential Premier Retirement, the entire premium is invested and premium-based charges are assessed quarterly over a seven year period. In the event the owner of the annuity wishes to redeem the annuity prior to this period, similar to B share annuities, the sale is subject to contingent deferred sales charges to cover costs.
“Prudential Premier Retirement is a new option for clients who would prefer to have their investment begin to work immediately, minimize fees over the life of the annuity contract, and have the potential to increase retirement income with the Highest Daily option,” said Bruce Ferris, senior vice president of Sales and Distribution for Prudential Annuities, the domestic annuity business of Prudential Financial, Inc. (NYSE:PRU). “This innovative product underscores our commitment to developing solutions that meet distributors’ needs while offering their clients choice and flexibility through products that provide both protection and the guaranteed highest daily value for their retirement income.”
Edward Jones (www.edwardjones.com) will offer the new product through its network of 12,000-plus financial advisors. Prudential Annuities announced that it reached a distribution agreement with Edward Jones to offer its clients variable annuities and individual life insurance from Prudential companies in September 2010.
Prudential Annuities is expanding its wholesaling force to support its growing distribution network through new relationships like the one with Edward Jones. Over the past two years, sales have doubled as a result of the expansion across Prudential Annuities’ four channels: agency, independent broker-dealer, financial institutions and wirehouse/regional firms. “That growth reflects the strength of our variable annuity offerings, our consultative sales and service model and the long-term commitment we have demonstrated to this market,” said Ferris.
Underscoring the value investors place on retirement income guarantees, the overall election rates for Prudential Annuities’ variable annuity optional living benefits was more than 92% at the end of 2010.
“Prudential’s Premier Retirement variable annuity contract will be a valuable addition to the options we offer our clients,” said Merry Mosbacher, principal, Edward Jones Insurance Marketing. “At a time when having guaranteed income in retirement has never been more valuable, this product fulfills an important need.”
The Prudential Premier Retirement variable annuity is being offered for an 85 bps total insurance charge and a $50 annual maintenance fee (waived if total premiums are equal to or greater than $50,000). The HD benefits are available for 95bps assessed on the greater of the Protected Withdrawal Value and the account value. The product is available for purchase by investors age 80 or younger that have a minimum initial premium of $10,000.
Edward Jones provides financial services for individual investors in the United States and, through its affiliate, in Canada. Every aspect of the firm's business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work. The firm's 12,000-plus financial advisors work directly with nearly 7 million clients to understand their personal goals -- from college savings to retirement -- and create long-term investment solutions that emphasize a well-balanced portfolio and a buy-and-hold strategy. Edward Jones embraces the importance of building long-term, face-to-face relationships with clients, helping them to understand and make sense of the investment options available today.
Investors should consider the features of the contract and the underlying portfolios' investment objectives, policies, management, risks, charges and expenses carefully before investing. This and other important information is contained in the prospectus, which can be obtained from your financial professional. Please read the prospectus carefully before investing.
Variable annuities are suitable for long-term investing, particularly retirement savings. Any guarantees are subject to the claims paying ability of the issuing insurer.
Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Your licensed financial professional can provide you with complete details.
Variable annuities are issued by Pruco Life Insurance Company (in New York, by Pruco Life Insurance Company of New Jersey), Newark, NJ and distributed by Prudential Annuities Distributors, Inc., Shelton, CT. All are Prudential Financial companies and each is solely responsible for its own financial condition and contractual obligations.
Prudential Annuities, Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities.
Edward Jones, which ranked No. 2 on FORTUNE magazine's "100 Best Companies to Work For 2010," is headquartered in St. Louis. The Edward Jones Web site is located at www.edwardjones.com, and its recruiting Web site is www.careers.edwardjones.com. Member SIPC.
Prudential Annuities, a division of Prudential Financial, Inc., creates and markets variable annuity products that provide tax advantages for those saving for retirement, and a way to transition their savings into guaranteed income they cannot outlive. Serving more than one million contract holders, Prudential Annuities is ranked No. 1 in variable annuity sales and No. 2 in advisor sold variable annuity assets with $101.5 billion in account values as of December 31, 2010. Learn more at www.retirementredzone.com. (VARDS 4Q10 and company data; advisor-sold market excludes group/retirement plan contracts.)
Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/
Issued on contracts: P-O/IND(5/11), P-O/IND(5/11)-NY
Issued on riders: P-RID-HD(1/11), P-RID-HD(1/11)-NY