Stagecoach XTra Credit SIX - Prudential Annuities

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AMERICAN SKANDIA LIFE ASSURANCE CORPORATION A Prudential Financial Company One Corporate Drive, Shelton, Connecticut 06484 AMERICAN SKANDIA STAGECOACH TM XTRA CREDIT SM SIX Flexible Premium Deferred Annuity PROSPECTUS: MAY 2, 2005 This Prospectus describes Stagecoach TM XTra Credit SM SIX, a flexible premium deferred annuity (the “Annuity”) offered by American Skandia Life Assurance Corporation (“American Skandia”, “we”, “our” or “us”) exclusively through Wells Fargo Bank, N.A. The Annuity may be offered as an individual annuity contract or as an interest in a group annuity. This Prospectus describes the important features of the Annuity and what you should consider before purchasing the Annuity. The Annuity or certain of its investment options and/or features may not be available in all states. Various rights and benefits may differ between states to meet applicable laws and/or regulations. For more information about variations applicable to your state, please refer to your Annuity contract or consult your Investment Professional. Certain terms are capitalized in this Prospectus. Those terms are either defined in the Glossary of Terms or in the context of the particular section. American Skandia offers several different annuities which your investment professional may be authorized to offer to you. Each annuity has different features and benefits that may be appropriate for you based on your financial situation, your age and how you intend to use the annuity. The different features and benefits include variations in death benefit protection and the ability to access your annuity’s account value. The fees and charges you pay and compensation paid to your investment professional may also be different between each annuity. The Variable Investment Options The variable investment options, each a Sub-account of American Skandia Life Assurance Corporation Variable Account B, invest in an underlying mutual fund portfolio. Currently, portfolios of the following underlying mutual funds are being offered: Wells Fargo Variable Trust, American Skandia Trust, Gartmore Variable Investment Trust, AIMAdvisors, Inc., Evergreen Variable Annuity Trust, ProFunds VP, First Defined Portfolio Fund LLC and The Prudential Series Fund, Inc. Please Read This Prospectus Please read this prospectus and the current prospectus for the underlying mutual funds. Keep them for future reference. If you are purchasing the Annuity as a replacement for existing variable annuity or variable life coverage, you should consider any surrender or penalty charges you may incur when replacing your existing coverage and that this Annuity may be subject to a contingent deferred sales charge if you elect to surrender the Annuity or take a partial withdrawal. You should consider your need to access the Annuity’s Account Value and whether the annuity’s liquidity features will satisfy that need. Available Information We have also filed a Statement of Additional Information that is available from us, without charge, upon your request. The contents of the Statement of Additional Information are described on page 101. This Prospectus is part of the registration statement we filed with the SEC regarding this offering. Additional information on us and this offering is available in the registration statement and the exhibits thereto. You may review and obtain copies of these materials at the prescribed rates from the SEC’s Public Reference Section, 450 Fifth Street N.W., Washington, D.C., 20549. These documents, as well as documents incorporated by reference, may also be obtained through the SEC’s Internet Website (http:// www.sec.gov) for this registration statement as well as for other registrants that file electronically with the SEC. For Further Information call: ➜ 1-800-680-8920 Contract described herein is no longer available for sale. These annuities are NOT deposits or obligations of, or issued, guaranteed or endorsed by, any bank, or bank subsidiary of Wells Fargo Bank, N.A., are NOT insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board or any other agency. An investment in this annuity involves investment risks, including possible loss of value, even with respect to amounts allocated to the AST Money Market sub-account. These securities have NOT been approved or disapproved by the Securities and Exchange Commission or any state securities commission NOR has the Commission or any state securities commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. American Skandia XTra Credit SM is a service mark of The Prudential Insurance Company of America. American Skandia Stagecoach TM XTra Credit SM Six are registered trademarks/service marks of a Wells Fargo Bank, N.A. and The Prudential Insurance Company of America, respectively. Prospectus Dated: May 2, 2005 Statement of Additional Information Dated: May 2, 2005 WFXT6PR505 WFVXT-SIXPROS PLEASE SEE OUR PRIVACY POLICY AND IRA DISCLOSURE STATEMENT ATTACHED TO THE BACK COVER OF THIS PROSPECTUS.
Contents Introduction ............................................................................ 1 Why Would I Choose to Purchase This Annuity? ........................................... 1 What Are Some of the Key Features of This Annuity? ...................................... 2 How Do I Purchase This Annuity? ........................................................ 2 Glossary of Terms ...................................................................... 3 Summary of Contract Fees and Charges ............................................... 4 Expense Examples ..................................................................... 13 Investment Options ..................................................................... 14 What Are the Investment Objectives and Policies of the Portfolios? .......................... 14 What Are the Fixed Allocations? ........................................................ 30 Fees and Charges ...................................................................... 31 What Are the Contract Fees and Charges? ................................................ 31 What Charges Apply Solely to the Variable Investment Options? ............................ 32 What Fees and Expenses Are Assessed by the Portfolios? .................................. 33 What Charges Apply to the Fixed Allocations? ............................................ What Charges Apply if I Choose an Annuity Payment Option? ............................... 33 33 Exceptions/Reductions to Fees and Charges ............................................... 33 Purchasing Your Annuity ............................................................... 34 What Are Our Requirements for Purchasing the Annuity? ................................... 34 Managing Your Annuity ................................................................ 36 May I Change the Owner, Annuitant and Beneficiary Designations? .......................... 36 May I Return the Annuity if I Change My Mind? .......................................... 36 May I Make Additional Purchase Payments? .............................................. 36 May I Make Scheduled Payments Directly from My Bank Account? .......................... 37 May I Make Purchase Payments Through a Salary Reduction Program? ....................... 37 Managing Your Account Value ......................................................... 38 How and When Are Purchase Payments Invested? ......................................... 38 How Do I Receive Credits? ............................................................. 38 How Are Credits Applied to My Account Value? ........................................... 38 Are There Restrictions or Charges on Transfers Between Investment Options? ................. 40 Do You Offer Dollar Cost Averaging? ..................................................... 41 Do You Offer Any Automatic Rebalancing Programs? ....................................... 42 Are Any Asset Allocation Programs Available? ............................................ 42 Do You Offer Programs Designed to Guarantee a “Return of Premium” at a Future Date? ...... 43 May I Give My Investment Professional Permission to Manage My Account Value? ............ 44 May I Authorize My Third Party Investment Advisor to Manage My Account? ................. 44 How Do the Fixed Allocations Work? ..................................................... 45 How Do You Determine Rates for Fixed Allocations? ....................................... 46 How Does the Market Value Adjustment Work? ........................................... 46 Contract described herein is no longer available for sale. What Happens When My Guarantee Period Matures? ...................................... 47 Access To Account Value .............................................................. 48 What Types of Distributions are Available to Me? ......................................... 48 Are There Tax Implications for Distributions? .............................................. 48 Can I Withdraw a Portion of My Annuity? ................................................ 48 How Much Can I Withdraw as a Free Withdrawal? ........................................ 49 Is There a Charge for a Partial Withdrawal? .............................................. 49 Can I Make Periodic Withdrawals From the Annuity During the Accumulation Period? .......... 49 Do You Offer a Program for Withdrawals Under Section 72(t) of the Internal Revenue Code? . . . 50 What Are Minimum Distributions and When Would I Need to Make Them? .................. 50 Can I Surrender My Annuity for its Value? ................................................ 50 What is a Medically-Related Surrender and How Do I Qualify? .............................. 50 (i)
Page 1: Effective January 1, 2008, American
Page 5 and 6: Introduction Why Would I Choose to
Page 7 and 8: Glossary of Terms Many terms used w
Page 9 and 10: The following table provides a summ
Page 11 and 12: OPTIONAL BENEFIT HIGHEST ANNIVERSAR
Page 13 and 14: UNDERLYING PORTFOLIO Wells Fargo Va
Page 15 and 16: (1) As noted above, shares of the P
Page 17 and 18: Expense Examples These examples are
Page 19 and 20: STYLE/ TYPE International Equity In
Page 21 and 22: STYLE/ TYPE Large Cap Growth Large
Page 23 and 24: STYLE/ TYPE Fixed Income Fixed Inco
Page 25 and 26: STYLE/ TYPE Mid Cap Growth Specialt
Page 27 and 28: STYLE/ TYPE Specialty Specialty Spe
Page 31 and 32: STYLE/ TYPE Specialty Specialty Lar
Page 35 and 36: Fees and Charges The charges under
Page 37 and 38: Account Value based on market fluct
Page 39 and 40: survivorship. Refer to the Glossary
Page 41 and 42: MAY I MAKE SCHEDULED PAYMENTS DIREC
Page 43 and 44: Additional Purchase Payment in Annu
Page 45 and 46: which such purchase and redemption
Page 47 and 48: DO YOU OFFER PROGRAMS DESIGNED TO G
Page 49 and 50: to comply with specific restriction
Page 51 and 52: MVA Examples The following hypothet
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HOW MUCH CAN I WITHDRAW AS A FREE W
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of the applicable “Contingency Ev
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may apply, by the factor determined
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Living Benefit Programs DO YOU OFFE
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guaranteed amount based on your cur
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If a significant amount of your Acc
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GUARANTEED RETURN OPTION (GRO) The
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Special Considerations under the Gu
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The GMWB program does not affect yo
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Termination of the Program The prog
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• If you elect to step-up the Pro
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• Where allowed by law, we reserv
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greater than the Protected Withdraw
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• Remaining Annual Withdrawal Amo
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may terminate the program at any ti
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Calculation of Enhanced Beneficiary
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of either joint Owner or the Annuit
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AMERICAN SKANDIA’S ANNUITY REWARD
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of a decree of a court of competent
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stances beyond our control, our off
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Tax Considerations The tax consider
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exemptions unless you designate a d
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SEPs. SEPs are a variation on a sta
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ERISA Disclosure/Requirements ERISA
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Corporation Variable Account B, als
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In addition, the investment adviser
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facsimile, Internet or any other el
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Appendix A — Condensed Financial
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Year Ended December 31, Sub-account
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1. Effective May 2, 2005 the name o
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Appendix B — Calculation of Optio
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Highest Anniversary Value = $90,000
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Example with withdrawals Assume tha
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Appendix C — Additional Informati
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PLEASE SEND ME A STATEMENT OF ADDIT
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NOTES Contract described herein is
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NOTES Contract described herein is
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IRA Disclosure Statement This state
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the 10% penalty unless the excess c
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AMERICAN SKANDIA’S PRIVACY POLICY
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Stagecoach XTra Credit SIX - Prudential Annuities

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