Equitable Structured Capital Strategies Plus 21 Select NY review

Yes, in a narrow case. It is a fair fit for a New York buyer who wants commission-paid RILA distribution with no surrender exposure and is willing to accept the cap-rate compression that comes with that combination. It is less appealing for buyers who would be better served by the B-share (better caps, accept surrender) or the Advisor share (best caps, no surrender, but RIA-only).

The main reason to buy SCS Plus 21 Select NY is the combination of commission-paid distribution and zero surrender exposure. For a buyer whose advisor is commission-paid rather than fee-based, and who specifically does not want surrender penalties, this is the only filing variant that delivers both. The secondary reason is administrative simplicity — no surrender tracking, no waiting for years to finish before reallocating or 1035-exchanging the contract.

I think this annuity is best for a buyer in the narrow case where the advisor is commission-paid but the buyer values flexibility above the cap-rate advantage of the B-share. It is less appropriate for buyers who would be better served by the Advisor share through a fee-based RIA (which has the best caps and zero surrender) or the B-share (which has substantially better caps but includes a 6-year surrender schedule). The Select share is a niche solution — useful, but narrow.

You are buying buffered equity exposure, no surrender exposure, and commission-paid distribution, in exchange for cap rates that are lower than the other share-class variants. The mechanics are the same as every other SCS Plus 21 variant: segment buffers, cap rates, six segment types, six indices. What's different is that the cap rates are compressed to fund the absence of a surrender schedule in a commission-paid context. That is the specific cost of this share class.

When a Segment is funded, premium is locked into the chosen Index, Duration, Buffer, and Segment Type until maturity. Standard, Dual Direction, Step Up, Dual Step Up, Annual Lock, and Enhanced Upside segment types are all available. Available indices are the S&P 500, Russell 2000, MSCI EAFE, NASDAQ 100, MSCI Emerging Markets, and EURO STOXX 50. Available buffer levels per the rate sheet are 15%, 20%, and 30% — the 10% buffer that the B-share and Advisor share offer is not offered on Select per the available materials. Sample current caps at 15% buffer (1-year Standard): NASDAQ 100 at 13.5%, MSCI EM at 18%, EURO STOXX 50 at 14.30%, with the S&P 500 at this buffer level not specified in the available rate sheet pages reviewed.

The Performance Cap Rate Hold remains available as the meaningful secondary feature. Buyers can lock in current cap rates effective at the application receipt date through the Hold Expiration Date. Once elected, the Cap Rate Hold cannot be cancelled.

There is no surrender schedule on this contract. Withdrawals at any time are not subject to insurance-company withdrawal charges. The $500 minimum balance applies. The Segment Interim Value mechanic still applies mid-segment, so even without surrender charges, mid-segment withdrawals can be valued lower than the original investment. That is consistent across the SCS Plus 21 family.

No M&E, no administration charge, no annual contract fee. Costs are baked into the cap rates, and the cap rates on Select are meaningfully lower than the B-share and Advisor share — that is the embedded cost of the no-surrender design in a commission-paid context. The cap-vs-buffer tradeoff still applies: deeper buffers mean lower caps. The biggest tradeoff for this share class specifically is cap compression. A buyer comparing the Select to the B-share over a multi-segment holding period will give up upside in exchange for the freedom to exit without surrender charges.

| Feature | Details |

| --- | --- |

| Product type | Registered Index-Linked Annuity (FPDA) |

| Share class | C Share |

| Surrender schedule | None |

| M&E charge | None at contract level |

| Annual contract fee | None |

| Issue ages | 0-85 IRA/Roth IRA, 0-85 Inherited IRA, 0-85 NQ, 20-75 Q |

| Minimum initial premium | $25,000 |

| Plan types | 401(a), 401(k), IRA, NQ, Roth IRA, Inherited IRA |

| Indices | S&P 500, Russell 2000, MSCI EAFE, NASDAQ 100, MSCI Emerging Markets, EURO STOXX 50 |

| Segment types | Standard, Dual Direction, Step Up, Dual Step Up, Annual Lock, Enhanced Upside |

| Buffer levels offered | 15%, 20%, 30% (10% buffer not offered per available materials) |

| Segment durations | 1-year and 6-year |

| Sample current caps (15% buffer, 1-year Standard) | NASDAQ 100 13.5%, MSCI EM 18%, EURO STOXX 50 14.30% |

| Sample current caps (20% buffer, 1-year Standard) | S&P 500 9%, Russell 2000 12.5%, MSCI EAFE 9%, NASDAQ 100 11% |

| Sample current caps (30% buffer, 1-year Standard) | S&P 500 7.5%, Russell 2000 9.5%, MSCI EAFE 7.5%, NASDAQ 100 8.5% |

| Penalty-free withdrawals | Full liquidity (no surrender period); SIV applies mid-segment |

| Free transfers | 12 per year |

| Death benefit | Return of Account Value (SIV used during active segments) |

| Surrender waivers | Not applicable (no surrender period) |

| MGSV | N/A |

| State availability | NY-only filing |

SCS Plus 21 Select NY is issued by Equitable Financial Life Insurance Company, the New York-domiciled subsidiary of Equitable Holdings. The carrier holds an A.M. Best rating of A and an S&P rating of A+ as disclosed in the materials. Equitable consumer materials cite Secure Retirement Institute data showing Equitable as the #1 variable annuity provider and #1 RILA provider by sales in 2024. The Select share variant of SCS Plus 21 launched October 24, 2022, and is distributed through full-service brokerage, independent broker/dealer, bank, and career channels.