- Structured Capital Strategies is Equitable's registered index linked annuity (RILA), currently sold as Structured Capital Strategies PLUS 21.
- Unlike a fixed indexed annuity, a RILA only protects against a defined buffer or floor in exchange for higher cap rates on the upside.
- You allocate across segments by choosing an index, a duration (1 to 6 years), and a protection level. The 3-Year Choice Segment offers a higher cap with up to 10% protection.
- Best fit: investors who want equity-like growth with partial downside protection, and who can match segment terms to a defined time horizon.
Structured Capital Strategies is Equitable's registered index linked annuity, often called a RILA. It is one of the longest-running products in the RILA category and sits between a traditional variable annuity and a fixed indexed annuity in terms of growth potential and downside protection. This independent review breaks down how the product works, what the trade-offs are, and the kind of saver it tends to fit.
What is Structured Capital Strategies?
Structured Capital Strategies, marketed in its current form as Structured Capital Strategies PLUS 21, is issued by Equitable Financial Life Insurance Company, a subsidiary of 2025 Equitable Holdings. It is a registered product, which means the prospectus is filed with the SEC and your account value can rise or fall with the underlying index segments you choose.
Unlike a fixed indexed annuity, where your principal is fully protected from market losses, a RILA only protects against a defined buffer or floor. In exchange for accepting some downside, you get a higher cap or participation rate on the upside. That trade-off is the entire point of the product category.
How the segments work
When you allocate money into Structured Capital Strategies, you pick a combination of three things: an index, a duration, and a protection level. Available indexes include the S&P 500, Russell 2000, MSCI EAFE, and several sector-specific options covering financials, energy, and gold. Durations typically range from one to six years.
The protection level is the most important choice. With a buffer of 10 percent, for example, the contract absorbs the first 10 percent of any loss in your chosen index over the segment period. You lose only what falls beyond that threshold. In exchange, your gains are capped at a stated maximum rate for that segment.
The 3-Year Choice Segment is a preset option that pairs up to 10 percent of protection with a higher performance cap rate than the standard segments. For savers who want a single decision rather than juggling multiple custom segments, it simplifies the experience.
Liquidity and access
Structured Capital Strategies is designed with 100 percent liquidity, meaning you can access your cash value if needed. That is a meaningful feature compared to fixed indexed annuities, which usually lock your money behind a multi-year surrender schedule.
That said, withdrawals taken before a segment matures can trigger a market value adjustment and may not receive the segment's full crediting. Always check the timing before taking money out mid-segment.
Fees and costs
Standard Structured Capital Strategies contracts come without an explicit annual contract fee on the base product, which is one reason it appeals to fee-conscious investors and the registered advisor channel. Some optional benefits, such as guaranteed lifetime income riders, carry their own annual fees that reduce your account value.
The cap rates and participation rates effectively act as the cost of the protection. A higher buffer means a lower cap. Reading the current rate sheet matters more than reading the marketing copy.
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The product makes sense for investors who want equity-like growth but cannot accept full market downside, and who are willing to lock in segment terms ranging from one to six years. It is often used as a partial equity replacement in retirement portfolios, where the goal is to keep market exposure while reducing sequence-of-returns risk near retirement.
It is not a fit for someone who needs full principal protection. A traditional fixed indexed annuity from Allianz, Athene, or Nationwide would be a better match in that case. It is also not a fit for someone who needs the highest possible upside without limits, since the cap rates restrict your gains in strong market years.
How it compares to other RILAs
The RILA category has expanded significantly in the last several years. Brighthouse Shield Level Select, Allianz Index Advantage, and Lincoln Level Advantage are the main competitors. Structured Capital Strategies tends to offer more flexibility across indexes and segment durations, while some competitors lead on cap rates or income riders depending on the rate cycle.
The right RILA depends on your time horizon, the level of protection you want, and current market rates at the time of purchase. Cap and buffer rates change month to month, so a product that looks best today may not look best next quarter.
The bottom line
Structured Capital Strategies is a credible registered index linked annuity backed by a financially strong carrier with a long track record in the RILA category. It rewards investors who understand they are giving up some downside protection in exchange for higher growth potential, and who can match a segment term to a specific time horizon.
If you are considering Structured Capital Strategies or already own a contract, an independent review of the specific segment options and how they fit your overall retirement plan is worth doing before any decision.
