Pioneer PRISM XC Variable Annuity - Pioneer Investments

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The contracts: • are not bank deposits • are not FDIC insured • are not insured by any federal government agency • are not guaranteed by any bank or credit union • may be subject to loss of principal The Securities and Exchange Commission has not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense. May 1, 2009 2
TABLE OF CONTENTS Page Page INDEX OF SPECIAL TERMS ........................................ 4 HIGHLIGHTS................................................................. 6 FEE TABLES AND EXAMPLES..................................... 8 1. THE ANNUITY CONTRACT ................................. 16 Market Timing......................................................... 16 2. PURCHASE ............................................................ 17 Purchase Payments................................................... 17 Termination for Low Account Value........................ 17 Allocation of Purchase Payments ............................. 17 Investment Allocation Restrictions For Certain Riders .................................................................... 18 Purchase Payment Credit ......................................... 20 Free Look ................................................................ 20 Accumulation Units ................................................. 20 Account Value.......................................................... 21 Replacement of Contracts........................................ 21 3. INVESTMENT OPTIONS ...................................... 21 Transfers.................................................................. 23 Dollar Cost Averaging Programs.............................. 26 Three Month Market Entry Program....................... 27 Automatic Rebalancing Program ............................. 27 Voting Rights........................................................... 28 Substitution of Investment Options.......................... 28 4. EXPENSES.............................................................. 28 Product Charges ...................................................... 28 Account Fee ............................................................. 29 Guaranteed Withdrawal Benefit — Rider Charge..... 29 Withdrawal Charge.................................................. 30 Reduction or Elimination of the Withdrawal Charge................................................................... 30 Premium and Other Taxes ....................................... 31 Transfer Fee ............................................................. 31 Income Taxes........................................................... 31 Investment Portfolio Expenses ................................. 31 5. ANNUITY PAYMENTS (THE INCOME PHASE)......................................... 31 Annuity Date ........................................................... 31 Annuity Payments.................................................... 32 Annuity Options ...................................................... 32 Variable Annuity Payments...................................... 34 Fixed Annuity Payments .......................................... 34 6. ACCESS TO YOUR MONEY ................................ 34 Systematic Withdrawal Program.............................. 35 Suspension of Payments or Transfers ....................... 36 7. LIVING BENEFITS ................................................. 36 Guaranteed Withdrawal Benefits ............................. 36 Description of the Lifetime Withdrawal Guarantee II............................................................................ 37 Description of the Principal Guarantee .................... 43 Summary of Guaranteed Withdrawal Benefit Riders .................................................................... 47 8. PERFORMANCE .................................................... 48 9. DEATH BENEFIT .................................................... 48 Upon Your Death..................................................... 48 Standard Death Benefit ............................................ 49 Optional Death Benefit — Principal Protection Death Benefit......................................................... 49 Optional Death Benefit — Annual Step-Up Death Benefit ................................................................... 49 General Death Benefit Provisions............................. 50 Spousal Continuation .............................................. 50 Death of the Annuitant ............................................ 51 Controlled Payout.................................................... 51 10. FEDERAL INCOME TAX STATUS......................... 51 Taxation of Non-Qualified Contracts ...................... 51 Taxation of Qualified Contracts .............................. 53 Puerto Rico Tax Considerations............................... 56 Tax Benefits Related to the Assets of the Separate Account ................................................................. 56 Possible Tax Law Changes....................................... 56 11. OTHER INFORMATION ....................................... 56 First MetLife Investors............................................. 56 The Separate Account .............................................. 57 Distributor............................................................... 57 Selling Firms ............................................................ 57 Requests and Elections............................................. 58 Ownership ............................................................... 59 Legal Proceedings .................................................... 60 Financial Statements ................................................ 60 TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION ................................... 60 APPENDIX A ................................................................ A-1 Participating Investment Portfolios .......................... A-1 APPENDIX B................................................................. B-1 EDCA Examples with Multiple Purchase Payments . B-1 APPENDIX C................................................................. C-1 Guaranteed Withdrawal Benefit Examples............... C-1 APPENDIX D ................................................................ D-1 Death Benefit Examples ........................................... D-1 3
Page 1 and 2: PIONEER RETIREMENT INCOME STRATEGIE
Page 3: 61 The Variable Annuity Contract is
Page 7 and 8: This page intentionally left blank.
Page 9 and 10: IRA contract. Subject to state appr
Page 11 and 12: The next table describes the fees a
Page 13 and 14: The next table shows the minimum an
Page 15 and 16: Pioneer Variable Contracts Trust -
Page 17 and 18: The Examples should not be consider
Page 19 and 20: Our market timing policies and proc
Page 21 and 22: Pioneer Bond VCT Portfolio Platform
Page 23 and 24: On Monday we receive an additional
Page 25 and 26: decline in the account value of you
Page 27 and 28: opportunities and forced liquidatio
Page 29 and 30: $12,000 allocation to a 6-month pro
Page 31 and 32: well as expenses associated with ma
Page 33 and 34: 90 days if there is no more than a
Page 35 and 36: If you do not choose an annuity opt
Page 37 and 38: Under most circumstances, withdrawa
Page 39 and 40: eceive from the contract over time
Page 41 and 42: contract year, we will continue pay
Page 43 and 44: in the Automated Required Minimum D
Page 45 and 46: Revenue Code and regulations thereu
Page 47 and 48: higher Benefit Base, which would in
Page 49 and 50: Summary of Guaranteed Withdrawal Be
Page 51 and 52: If you have a joint owner, the deat
Page 53 and 54: under the federal Defense of Marria
Page 55 and 56:
entire amount of all future payment
Page 57 and 58:
whether your variable income annuit
Page 59 and 60:
an owner of such a contract present
Page 61 and 62:
at our Annuity Service Center (or a
Page 63 and 64:
APPENDIX A Participating Investment
Page 65 and 66:
Pioneer Emerging Markets VCT Portfo
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APPENDIX B EDCA Examples with Multi
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APPENDIX C Guaranteed Withdrawal Be
Page 71 and 72:
Delay taking withdrawals and receiv
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Payment of $10,000, the Annual Bene
Page 75 and 76:
$120,000 $100,000 $80,000 $60,000 A
Page 77 and 78:
APPENDIX D Death Benefit Examples T
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D-3
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If you would like the Statement of
Page 83 and 84:
Arithmetic Average Illustration Ass
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NOT PART OF THE PROSPECTUS L0309027
Page 87 and 88:
Our Privacy Notice We know that you
Page 89 and 90:
BUSINESS CONTINUITY PLAN DISCLOSURE
Page 92:
First MetLife Investors Insurance C
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Pioneer PRISM XC Variable Annuity - Pioneer Investments

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