AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON March 14, 2000
File No. 333-50545
File No. 811-7924
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
POST EFFECTIVE AMENDMENT NO. 4
AND
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1940
POST-EFFECTIVE AMENDMENT NO. 25
LINCOLN BENEFIT LIFE VARIABLE ANNUITY ACCOUNT
(Exact Name of Registrant)
LINCOLN BENEFIT LIFE COMPANY
(Name of Depositor)
2940 South 84th Street
Lincoln, Nebraska 68506
(Complete Address of Depositor's Principal Office)
Carol S. Watson
Lincoln Benefit Life Company
2940 South 84th Street
Lincoln, Nebraska 68506
1-800-525-9287
(Name and Complete Address of Agent for Service)
Copy to:
JOAN E. BOROS, ESQ.
Jorden Burt Boros Cicchetti
Berenson & Johnson LLP
1025 Thomas Jefferson Street N.W.
Suite 400 East
Washington, D.C. 20007-0805
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SECURITIES BEING OFFERED: FLEXIBLE PREMIUM INDIVIDUAL DEFERRED VARIABLE ANNUITY
CONTRACTS
Approximate Date of Proposed Public Offering: As soon as practicable after
effective date.
It is proposed that this filing will become effective:
/ / immediately upon filing pursuant to paragraph (b) of Rule 485
/ / on May 1 pursuant to paragraph (b) of Rule 485
/X/ 60 days after filing pursuant to paragraph (a) of rule 485
/ / on ____ pursuant to paragraph (a) of rule 485
The Registrant has registered an indefinite amount of securities under the
Securities Act of 1933, pursuant to Section 24 of the Investment Company Act of
1940.
<PAGE>
Scope of Amendment
Registrant is filing this post-effective amendment ("Amendment") for the sole
purpose of amending the registration statement to reflect (a) the substitution
of a new income benefit option and (b) the substitution of a new income death
benefit option, both of which Registrant proposes to make available on or about
May 1, 2000 under the contracts described in the registration statement. The
Amendment is not intended to amend or delete any part of the registration
statement, except as specifically noted herein. Prior to May 1, 2000, Registrant
intends to file a subsequent post-effective amendment, including revised
prospectuses and a statement of additional information, that will incorporate
the changes set out in this Amendment.
<PAGE>
Part A
The Lincoln Benefit Life Consultant I Variable Annuity prospectus contained in
the registration statement which offers the Enhanced Death Benefit Combination
Rider, referred to in the Statement of Additional Information, is amended as
follows:
1. The information contained under the heading "Separate Account Expenses (As
a percentage of daily net asset value deducted from each of the Subaccount
of the Separate Account)" in the Fee Tables shall be replaced with the
following:
Mortality and Expense Risk Charge*..................... 1.15%
Administrative Expense Charge.......................... 0.10%
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Total Separate Account Annual Expenses................. 1.25%
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* If you select the Enhanced Death Benefit Rider, the Mortality and Expense
Risk Charge will be equal to 1.35% of your Contract's average daily net
assets in the Separate Account. If you select the Enhanced Income Benefit
Rider, the Mortality and Expense Risk Charge will be equal to 1.50% of
your Contract's average daily net assets in the Separate Account. If you
select the Enhanced Death and Income Benefit Rider, the Mortality and
Expense Risk Charge will be equal to 1.55% of your Contract's average
daily net assets in the Separate Account. If you select the Enhanced
Death and Income Benefit Rider II, the Mortality and Expense Risk Charge
will be equal to 1.70% of your Contract's average daily net assets in the
Separate Account.
2. The sections entitled "Enhanced Death Benefit Rider" and "Enhanced Death
and Income Benefit Rider" shall be deleted in their entirety and replaced
with the following:
ENHANCED DEATH BENEFIT RIDER: When you purchase your Contract, you may select
the Enhanced Death Benefit Rider. If you are not an individual, the Enhanced
Death Benefit applies only to the Annuitant's death. As described below, we will
charge a higher mortality and expense risk charge if you select this Rider. If
you select this rider, the Death Benefit will be the greater of the value
provided in your Contract or the Enhanced Death Benefit. The Enhanced Death
Benefit will be the greater of the Enhanced Benefit A and Enhanced Benefit B,
defined below.
ENHANCED INCOME BENEFIT RIDER: When you purchase your Contract as of or after
5-14-2000, you may select the Enhanced Income Benefit Rider where approved by
your state. This rider is available if the oldest annuitant is age 75 or less at
issue. If you select this rider, you may be able to receive higher annuity
payments in certain circumstances. As described below, we will charge a higher
mortality and expense risk charge if you select this Rider.
The Enhanced Income Benefit under this rider is equal to the greater of Enhanced
Benefit A or Enhanced Benefit B, defined below, on the Annuity Date. We will not
increase or decrease the Enhanced Income Benefit amount by any Market Value
Adjustment. To be eligible for the Enhanced Income Benefit, you must select an
Annuity Date that is:
(a) on or after the tenth Contract Anniversary;
(b) before the Annuitant's age 90; and
(c) within a 30 day period on or following a Contract Anniversary.
On the Annuity Date, you may apply the Enhanced Income Benefit to an Annuity
Option that provides for fixed payments on the basis guaranteed in the contract
for either single or joint lives with a period certain of at least:
(a) 10 years, if the youngest Annuitant's age is 80 or less on the Annuity
Date; or
(b) 5 years, if the youngest Annuitant's age is greater than 80 on the Annuity
Date.
If you wish to select a different Annuity Option, you must apply the Annuitized
Value and not the Enhanced Income Benefit.
ENHANCED DEATH AND INCOME BENEFIT RIDER: When you purchase your Contract before
5-15-2000, and where approved by your state, you may choose the Enhanced Death
and Income Benefit Rider. This rider provides the same Enhanced Death Benefit as
the Enhanced Death Benefit Rider. In addition, this Rider may enable you to
receive higher annuity payments in certain circumstances. As described below, we
will charge a higher mortality and expense risk charge if you select this Rider.
The Enhanced Income Benefit under this rider is equal to the value of the
Enhanced Death Benefit on the Annuity Date. We will not increase or decrease the
Enhanced Income Benefit amount by any Market Value Adjustment. To be eligible
for the Enhanced Income Benefit, you must select an Annuity Date that is on or
after the tenth Contract Anniversary, but before the Annuitant's age 90. On the
Annuity Date, you may apply the Enhanced Income Benefit to an Annuity Option
that provides for payments guaranteed for either single or joint lives with a
period certain of at least:
(a) 10 years, if the youngest Annuitant's age is 80 or less on the Annuity
Date; or
(b) 5 years, if the youngest Annuitant's age is greater than 80 on the Annuity
Date.
If you wish to select a different Annuity Option, you must apply the Annuitized
Value and not the Enhanced Income Benefit.
ENHANCED DEATH AND INCOME BENEFIT RIDER II: When you purchase your Contract
after 5-14-2000, you may select the Enhanced Income Benefit Rider II, where
approved by your state. This rider is available if the oldest annuitant is age
75 or less at issue. This rider provides the same Enhanced Death Benefit as the
Enhanced Death Benefit Rider. In addition, this Rider may enable you to receive
higher annuity payments in certain circumstances. As described below, we will
charge a higher mortality and expense risk charge if you select this Rider.
The Enhanced Income Benefit under this rider is equal to the greater of Enhanced
Benefit A or Enhanced Benefit B, defined below, on the Annuity Date. We will not
increase or decrease the Enhanced Income Benefit amount by any Market Value
Adjustment. To be eligible for the Enhanced Income Benefit, you must select an
Annuity Date that is:
(a) on or after the tenth Contract Anniversary;
(b) before the Annuitant's age 90; and
(c) within a 30 day period on or following a Contract Anniversary.
On the Annuity Date, you may apply the Enhanced Income Benefit to an Annuity
Option that provides for fixed payments on the basis guaranteed in the contract
for either single or joint lives with a period certain of at least:
(a) 10 years, if the youngest Annuitant's age is 80 or less on the Annuity
Date; or
(b) 5 years, if the youngest Annuitant's age is greater than 80 on the Annuity
Date.
If you wish to select a different Annuity Option, you must apply the Annuitized
Value and not the Enhanced Income Benefit.
ENHANCED BENEFIT A. At issue, Enhanced Benefit A is equal to the initial
Purchase Payment. After issue, Enhanced Benefit A is adjusted whenever you pay a
Purchase Payment or make a withdrawal and on each Contract Anniversary as
follows:
- - When you pay a Purchase Payment, we will increase Enhanced Benefit A by the
amount of the Purchase Payment;
- - When you make a withdrawal, we will decrease Enhanced Benefit A by a
withdrawal adjustment, as described below; and
- - On each Contract Anniversary, we will set Enhanced Benefit A equal to the
greater of the Contract Value on that Contract Anniversary or the most
recently calculated Enhanced Benefit A.
If you do not pay any additional purchase payments or make any withdrawals,
Enhanced Benefit A will equal the highest of the Contract Value on the Issue
Date and all Contract Anniversaries prior to the date we calculate any Enhanced
Death Benefit or Enhanced Income Benefit.
We will continuously adjust Enhanced Benefit A as described above until the
oldest Contract Owner's 85th birthday or, if the Contract Owner is not a living
individual, the Annuitant's 85th birthday. Thereafter, we will adjust Enhanced
Benefit A only for Purchase Payments and withdrawals.
ENHANCED BENEFIT B. Enhanced Benefit B is equal to your total Purchase Payments,
reduced by any withdrawal adjustments, accumulated daily at an effective annual
rate of 5% per year, until:
(a) the first day of the month following the oldest Contract owner's 85th
birthday; or
(b) the first day of the month following the oldest annuitant's 85th birthday,
if the Contract Owner is a company or other legal entity.
Thereafter, we will only adjust Enhanced Benefit B to reflect additional
Purchase Payments and withdrawals. Enhanced Benefit B will never be greater than
the maximum death benefit allowed by any nonforfeiture laws that govern the
Contract.
The withdrawal adjustment for both Enhanced Benefit A and Enhanced Benefit B
will equal (a) divided by (b), with the result multiplied by (c), where:
(a) = the withdrawal amount;
(b) = the Contract Value immediately before the withdrawal; and
(c) = the most recently calculated Enhanced Benefit A or B, as appropriate.
3. In the section entitled "Mortality and Expense Risk Charge", the language
contained in the last paragraph of that section shall be replaced with the
following:
If you select the Enhanced Death Benefit Rider, your mortality and expense risk
charge will be 1.35% of average net asset value of each Subaccount. If you
select the Enhanced Income Rider, your mortality and expense risk charge will be
1.50% of average daily net asset value of each Subaccount. If you select the
Enhanced Death and Income Benefit Rider, your mortality and expense risk charge
will be 1.55% of average daily net asset value of each Subaccount. If you select
the Enhanced Death and Income Benefit Rider II, your mortality and expense risk
charge will be 1.70% of average daily net asset value of each Subaccount. We
charge a higher mortality and expense risk charge for the Riders to compensate
us for the additional risk that we accept by providing the Riders. We will
calculate a separate Accumulation Unit Value for the base Contract, and for
Contracts with each type of Rider, in order to reflect the difference in the
mortality and expense risk charges.
<PAGE>
Part C
Part C is hereby amended to include the following exhibits:
Item 24(b). EXHIBITS
(4) Form of Contract Riders
<PAGE>
Signatures
As required by the Securities Act of 1933 and the Investment Company Act of
1940, the Registrant has caused this Registration Statement, as amended, to be
signed on its behalf by the undersigned, thereunto duly authorized, and its seal
to be hereunto affixed and attested, all in the Township of Lincoln, State of
Nebraska, on the 14th Day of March, 2000.
LINCOLN BENEFIT LIFE VARIABLE ANNUITY ACCOUNT
(Registrant)
By: LINCOLN BENEFIT LIFE COMPANY
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(DEPOSITOR)
By: /s/ B. EUGENE WRAITH
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B. Eugene Wraith
PRESIDENT AND CHIEF OPERATING OFFICER
As required by the Securities Act of 1933, this Registration Statement, as
amended, has been duly signed by the following persons in the capacities and on
the dates indicated:
SIGNATURE TITLE DATE
- ------------------------------ -------------------------- -------------------
/s/ B. EUGENE WRAITH
- ------------------------------ President, Chief Operating
B. Eugene Wraith Officer and Director March 14, 2000
(PRINCIPAL EXECUTIVE OFFICER)
/s/ MARVIN P. EHLY
- ------------------------------ Senior Vice President
MARVIN P. EHLY Treasurer, Controller March 14, 2000
(PRINCIPAL FINANCIAL OFFICER) and Director
(PRINCIPAL ACCOUNTING OFFICER)
/s/ LAWRENCE W. DAHL
- ------------------------------ Executive Vice President March 14, 2000
Lawrence W. Dahl and Director
/s/ DOUGLAS F. GAER
- ------------------------------ Executive Vice President March 14, 2000
Douglas F. Gaer and Director
/s/ ROBERT E. RICH
- ------------------------------ Executive Vice President March 14, 2000
Robert E. Rich and Director
/s/ THOMAS R. ASHLEY
- ------------------------------ Director March 14, 2000
Thomas R. Ashley
/s/ THOMAS J. BERNEY
- ------------------------------ Director March 14, 2000
Thomas J. Berney
/s/ JOHN H. COLEMAN III
- ------------------------------ Director March 14, 2000
John H. Coleman III
/s/ RODGER A. HERGENRADER
- ------------------------------ Director March 14, 2000
Rodger A. Hergenrader
- ------------------------------ Director March 14, 2000
Kevin Slawin
/s/ J. SCOTT TAYLOR
- ------------------------------ Director March 14, 2000
J. Scott Taylor
- ------------------------------ Director March 14, 2000
Michael J. Velotta
/s/ CAROL S. WATSON
- ------------------------------ Director March 14, 2000
Carol S. Watson
/s/ DEAN M. WAY
- ------------------------------ Director March 14, 2000
Dean M. Way
- ------------------------------ Director March 14, 2000
Patricia W. Wilson
- ------------------------------
Thomas J. Wilson, II Chairman of the Board, March 14, 2000
Chief Executive Officer,
and Director
<PAGE>
EXHIBIT LIST
The following exhibit is filed herewith:
EXHIBIT NO. DESCRIPTION
(4) Form of Contract Riders
VAR 0051
LINCOLN BENEFIT LIFE COMPANY
ENHANCED INCOME BENEFIT RIDER
This rider was issued because you selected the Enhanced Income Benefit at the
time you applied for this annuity.
Enhanced Income Benefit
The following is added to your contract:
I. The Enhanced Income Benefit will apply if the owner elects an annuity date
that:
o is on or after the tenth contract anniversary,
o is prior to the annuitant's 90th birthday, and
o is during the 30-day period following a contract anniversary.
In the definitions section of your contract, the definition of the term
"annuitized value" is replaced with:
"The amount applied to purchase annuity payments under the contract,
equal to the greater of the contract value less any applicable taxes,
or the Enhanced Income Benefit."
If the amount applied to an income plan is the Enhanced Income Benefit, then the
annuity option must provide for fixed annuity payments on the basis guaranteed
in your contract in the Annuity Benefit section, guaranteed for either single or
joint life with a period certain of at least:
o 10 years, if the youngest annuitant's age is 80 or less on the date the
amount is applied, or
o 5 years, if the youngest annuitant's age is greater than 80 on the date the
amount is applied.
If the amount applied to an income plan is not the Enhanced Income Benefit, then
the annuity option may be any plan then offered by us.
II. The Enhanced Income Benefit is equal to the greater of Enhanced Income
Benefit A or Enhanced Income Benefit B.
Enhanced Income Benefit A
At issue, the Enhanced Income Benefit A is equal to the initial purchase
payment. After issue, the Enhanced Income Benefit A is recalculated when a
purchase payment or withdrawal is made or on a contract anniversary as follows:
1. For purchase payments, the Enhanced Income Benefit A is equal to the most
recently calculated Enhanced Income Benefit A plus the purchase payment.
2. For withdrawals, the Enhanced Income Benefit A is equal to the most
recently calculated Enhanced Income Benefit A reduced by a withdrawal
adjustment defined below.
3. On each contract anniversary, the Enhanced Income Benefit A is equal to the
greater of the contract value or the most recently calculated Enhanced
Income Benefit A.
In the absence of any withdrawals or purchase payments, the Enhanced Income
Benefit A will be the greatest of all contract anniversary contract values on or
prior to the date we calculate the income benefit.
The Enhanced Income Benefit A will be recalculated for purchase payments,
withdrawals and on contract anniversaries until the oldest owner or the
annuitant, if the owner is not a living individual, attains age 85.
After age 85, the Enhanced Income Benefit A will be recalculated only for
purchase payments and withdrawals.
Enhanced Income Benefit B
The Enhanced Income Benefit B is equal to total purchase payments made reduced
by a withdrawal adjustment defined below. Each purchase payment and each
withdrawal adjustment will accumulate daily at a rate equivalent to 5% per year
until the earlier of:
1. the date we determine the income benefit, or
2. the first day of the month following the oldest owner's or, if the owner is
not a living individual, the annuitant's 85th birthday.
Withdrawal Adjustment
The withdrawal adjustment is equal to (a) divided by (b), with the result
multiplied by (c) where:
(a) = the withdrawal amount.
(b) = the contract value immediately prior to the withdrawal.
(c) = the most recently calculated Enhanced Income Benefit A or B, as
applicable.
Mortality and Expense Risk Charge
The Mortality and Expense Risk Charge provision of your contract is modified as
follows:
The annualized mortality and expense risk charge of 1.15% is changed to 1.50%.
Except as amended in this rider, the contract remains unchanged.
/s/ B. Eugene Wraith
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B. Eugene Wraith
President
<PAGE>
VAR 0052
LINCOLN BENEFIT LIFE COMPANY
ENHANCED DEATH AND INCOME BENEFIT COMBINATION RIDER II
This rider was issued because you selected the Enhanced Death Benefit and
Enhanced Income Benefit at the time you applied for this annuity.
Enhanced Death Benefit
The Death Benefit provision of your Contract is modified as follows:
The Death Benefit will be the greater of the values stated in your
contract, or the value of the Enhanced Death Benefit.
The Enhanced Death Benefit is equal to the greater of the Enhanced
Death Benefit A or Enhanced Death Benefit B. The Enhanced Death Benefit
will cease on the date we determine the value of the Death Benefit.
Enhanced Death Benefit A
At issue, the Enhanced Death Benefit A is equal to the initial purchase payment.
After issue, the Enhanced Death Benefit A is recalculated when a purchase
payment or withdrawal is made or on a contract anniversary as follows:
1. For purchase payments, the Enhanced Death Benefit A is equal to the most
recently calculated Enhanced Death Benefit A plus the purchase payment.
2. For withdrawals, the Enhanced Death Benefit A is equal to the most recently
calculated Enhanced Death Benefit A reduced by a withdrawal adjustment
defined below.
3. On each contact anniversary, the Enhanced Death Benefit A is equal to the
greater of the contract value or the most recently calculated Enhanced
Death Benefit A.
In the absence of any withdrawals or purchase payments, the Enhanced Death
Benefit A will be the greatest of all contact anniversary contract values on or
prior to the date we calculate the death benefit.
The Enhanced Death Benefit A will be recalculated for purchase payments,
withdrawals and on contract anniversaries until the oldest owner or the
annuitant, if the owner is not a living individual, attains age 85.
After age 85, the Enhanced Death Benefit A will be recalculated only for
purchase payments and withdrawals.
Enhanced Death Benefit B
The Enhanced Death Benefit B is equal to total purchase payments made reduced by
a withdrawal adjustment defined below. Each purchase payment and each withdrawal
adjustment will accumulate daily at a rate equivalent to 5% per year until the
earlier of:
1. the date we determine the death benefit, or
2. the first day of the month following the oldest owner's or, if the owner is
not a living individual, the annuitant's 85th birthday.
The Enhanced Death Benefit B will never be greater than the maximum death
benefit allowed by any nonforfeiture laws which govern the contract.
Withdrawal Adjustment
The withdrawal adjustment is equal to (a) divided by (b), with the result
multiplied by (c) where:
(a) = the withdrawal amount.
(b) = the contract value immediately prior to the withdrawal.
(c) = the most recently calculated Enhanced Death Benefit A or B, as
applicable.
Enhanced Income Benefit
The following is added to your contract:
I. The Enhanced Income Benefit will apply if the owner elects an annuity date
that:
o is on or after the tenth contract anniversary,
o is prior to the annuitant's 90th birthday, and
o is during the 30-day period following a contract anniversary.
In the definitions section of your contract, the definition of the term
"annuitized value" is replaced with:
"The amount applied to purchase annuity payments under the contract,
equal to the greater of the contract value less any applicable taxes,
or the Enhanced Income Benefit."
If the amount applied to an income plan is the Enhanced Income Benefit, then the
annuity option must provide for fixed annuity payments on the basis guaranteed
in your contract in the Annuity Benefit section, guaranteed for either single or
joint life with a period certain of at least:
o 10 years, if the youngest annuitant's age is 80 or less on the date the
amount is applied, or
o 5 years, if the youngest annuitant's age is greater than 80 on the date the
amount is applied.
In the amount applied to an income plan is not the Enhanced Income Benefit, then
the annuity option may be any plan then offered by us.
II. The Enhanced Income Benefit is equal to the value of the Enhanced Death
Benefit on the annuity date.
Mortality and Expense Risk Charge
The Mortality and Expense Risk Charge provision of your contract is modified as
follows:
The annualized mortality and expense risk charge of 1.15% is changed to 1.70%.
Except as amended in this rider, the contract remains unchanged.
/s/B. Eugene Wraith
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B. Eugene Wraith
President
