Equitable Structured Capital Strategies (SCS) RILA Review (2026)
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Independently reviewed & last updated 2026-09-25
Quick take: Equitable (formerly AXA) created the first RILA, Structured Capital Strategies (SCS). The category leader in market share. Wide range of index options + buffer levels.
Contract minimums (checked October 4, 2026): guaranteed minimum cap (RILA) 2% on 1-year segments and 12% on 6-year Standard segments, both for SCS PLUS 21 Series B (SCS PLUS 21 SEC prospectus dated May 1, 2026) and for the original SCS PLUS, now closed to new sales (SCS PLUS SEC prospectus dated April 22, 2026), checked October 4, 2026. Losses beyond the buffer are not floored. These contractual minimums are backed by the claims-paying ability of the issuing Equitable insurer. To see how this floor compares with other indexed annuities, including RILAs, read guaranteed minimum caps across FIAs (October 2026).
| S&P 500 segment | Buffer | Cap | Source, as of |
|---|---|---|---|
| 1-year Standard | -10% | 14.0% | Equitable performance cap rates, eff. 9/18-10/1/2026 |
| 1-year Standard | -15% | 11.5% | Equitable performance cap rates, eff. 9/18-10/1/2026 |
| 1-year Standard | -20% | 10.0% | Equitable performance cap rates, eff. 9/18-10/1/2026 |
| 1-year Standard | -40% | 7.5% | Equitable performance cap rates, eff. 9/18-10/1/2026 |
| 6-year Standard | -10% | 300.0% | Equitable performance cap rates, eff. 9/18-10/1/2026 |
| 6-year Standard | -20% | 90.0% | Equitable performance cap rates, eff. 9/18-10/1/2026 |
| 6-year Annual Lock (annual cap) | -10% | 13.5% | Equitable performance cap rates, eff. 9/18-10/1/2026 |
Segment start dates 9/24/2026 and 10/1/2026, Series B, 6-year surrender schedule. Caps differ by share class (B, Select, ADV), product and segment start date and are declared at least one week before each segment start. A RILA can lose money beyond the buffer. Hans is an insurance producer, not a securities representative: this is an educational summary, not a recommendation to buy a registered annuity; read the prospectus.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Ratings (independent third-party)
| Rating Agency | Grade |
|---|---|
| AM Best | A |
| S&P | A+ |
| Moody's | A2 |
| COMDEX (composite, 0-100) | 85 |
Hans is independently licensed. Reviews are based on publicly available rate sheets, prospectuses, public carrier rate sheets, and carrier filings.
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SCS, the original RILA
Equitable launched the first RILA in 2010 as Structured Capital Strategies. That original contract and SCS 16 are now closed to new buyers; the current family (September 2026) is Structured Capital Strategies PLUS 21, SCS Premier, SCS Income, SCS PLUS Guard and Investment Edge.
Spec variants
| Variant | Buffer | Index Options | Surrender |
|---|---|---|---|
| SCS PLUS 21 | -10%, -15%, -20%, -40% (varies by segment) | S&P 500, Russell 2000, MSCI EAFE, NASDAQ 100, MSCI Emerging Markets, EURO STOXX 50 | 6-year (Series B) |
| SCS Income | See current cap table | S&P 500 + multiple | Income rider included |
| SCS Premier | See current cap table | Multiple indexes | Varies by share class |
Pros
- Category-leading product (most institutional history)
- Wide range of index + buffer combinations
- A-range financial strength ratings (Equitable Holdings is a publicly traded stock company, not a mutual)
- Multiple investment sleeves
Cons
- Higher complexity than FIA
- Can lose money below buffer
- Less liquidity than VA (no daily NAV)
Best for
Risk-tolerant buyers who want equity exposure with capped downside and value the original RILA infrastructure.
Also see: Brighthouse Shield Level vs Equitable SCS
Compare to
- Prudential FlexGuard: A+ rated alternative
- Brighthouse Shield: A rated alternative
- Athene Performance Elite: FIA alternative (0% floor)
About Hans Goldstein: Independent retirement income specialist. CA Life License #4273294. NPN #20602398. Reviews 30+ carriers. Phone: 213-414-2808. Email: [email protected].
Goldstein Complexity Index
Every annuity I review gets a complexity score from 0 to 100. Higher means harder to understand. Complexity is where buyers get hurt: riders they didn't know they were paying for, surrender charges that surprise them, and income "benefit bases" they took for cash. SPIAs and MYGAs score low. Products that stack a bonus, an income rider, an MVA and several crediting options score high.
This product's score: 33/100, Grade A (Mostly clear)
One or two complications (a rider, a crediting choice). With a 30-min agent walkthrough, most buyers understand it.
Score breakdown
| Dimension | Score (1-10) | What this measures |
|---|---|---|
| Riders | 4/10 | How many riders, optional or built in (income, death benefit, LTC). Each one adds cost and one more thing to understand. |
| Crediting strategies | 7/10 | How many index options (cap, spread, participation rate, step rate, volatility-controlled indices). More choices are harder to follow. |
| Surrender complexity | 6/10 | Length of the surrender period, plus any MVA and bonus recapture. The longer and more layered it is, the harder it is to know what leaving early costs. |
| Benefit-base separation | 2/10 | Whether there is a separate income base ("PIV") that is not cash but looks like it. This causes more buyer confusion than anything else. |
| Bonus structure | 1/10 | A premium bonus with a recapture schedule. The bonus is real, but you can lose part of it if you leave early. |
How to read this
- A+/A (0-40): Easy to understand. A pure accumulation FIA, a MYGA or a SPIA. Little room for mis-selling.
- B (41-60): Read the contract carefully and get a second opinion before signing. Income riders cause most of the confusion.
- C (61-80): Many owners don't fully understand what they bought. Common mis-sells: a bonus presented as cash, a benefit base presented as account value, surrender charges glossed over.
- D (81-100): Get an independent second opinion before signing. The product may still fit you, but the odds you later say "I didn't know it worked that way" are high.
Why it matters: nobody gets sued for selling a complicated product, but buyers regret them all the time. An annuity that wins your money in year one and confuses you for the next 14 is worse than a simpler one you understood from the start. Simple products are easier to check.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
RILAs can lose money. Before you sign, fully understand the buffer mechanics, and make sure your agent isn't mis-selling 'principal protection' that doesn't exist. Get an independent review of the buffer structure + downside math.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.