Exhibit 8

                                  May 21, 2003

Ms. Kathleen DeNicholas
Assistant General Counsel
The Dreyfus Corporation 200
Park Avenue, 55th Floor
New York, New York 10166

        Re:    Amendment to Participation Agreement and Schedules

Dear Ms. DeNicholas:

        Effective June 2, 2003, this letter serves to amend our participation
agreement dated May 1, 1999, as amended from time to time, with Dreyfus Variable
Investment Fund and The Dreyfus Corporation (the "Agreement").

        The parties to the Agreement desire to add Dreyfus Investment
Portfolios, a Massachusetts business trust, as a party to the Agreement and
Dreyfus Investment Portfolios desires to be made part of the Agreement.

        In consideration of the mutual promises contained herein:

        (1)        Dreyfus Investment Portfolios is hereby added as a party to
                   the Agreement.

        (2)        The third "Whereas" provision is hereby deleted and replaced
                   in its entirety with the following:

                      "WHEREAS, the Dreyfus Variable Investment Fund has
                      obtained an order from the Securities and Exchange
                      Commission dated December 31, 1997 (File No. 812-10606)
                      and the Dreyfus Investment Portfolios has obtained an
                      order from the Securities and Exchange Commission dated
                      February 5, 1998 (File No. 812-10604), granting
                      Participating Insurance Companies and variable annuity and
                      variable life insurance separate accounts exemptions from
                      the provisions of sections 9(a), 13(a), 15(a), and 15(b)
                      of the Investment Company Act of 1940, as amended,
                      (hereinafter the "1940 Act") and Rules 6e-2(b)(15) and
                      6e-3(T)(b)(15) thereunder, to the extent necessary to
                      permit shares of the Funds to be sold to and held by
                      variable annuity and variable life insurance separate
                      accounts of life insurance companies that may or may not
                      be affiliated with one another and qualified pension and
                      retirement plans ("Qualified Plans")(hereinafter, as
                      applicable, "Mixed and Shared Funding Exemptive Order");
                      and"

         (3)       Dreyfus Investment Portfolios is hereby added as a "Fund"
                   under the Agreement. All references to the "Fund" in the
                   Agreement are modified to refer to each and any Fund. All
                   duties, obligations, representations and warranties
                   concerning the Funds under the Agreement shall be understood
                   to solely apply to the applicable Fund.

         (4)       Termination by only one Fund, or by the other parties to the
                   Agreement with respect to any one Fund, pursuant to the terms
                   of Article X of the Agreement shall not terminate the
                   Agreement as between the parties and the other Fund.

        The parties to the Agreement also wish to amend Schedule B of the
Agreement. The amended Schedule B attached hereto reflects additional Designated
Portfolios available under the Schwab Select Annuity and Schwab Signature
Annuity. Amended Schedule B shall replace in its entirety the existing Schedule
B.

        The Agreement and Schedules otherwise remain unchanged and shall
continue in full force and effect.

        In the space provided below, please acknowledge your agreement to the
foregoing.

                                 Very truly yours,

                                 Great-West Life & Annuity Insurance Company

                                 By:  _________________________________
                                 Chris R. Bergeon
                                 Vice President, Financial Institution Markets

                                 Charles Schwab & Co., Inc.

                                 By:  _________________________________
                                 Tina M. Perrino
                                 Vice President, Partner Relations

ACKNOWLEDGED AND AGREED TO:

Dreyfus Variable Investment Fund
By: __________________________
Title: _________________________
Date: _________________________

The Dreyfus Corporation
By: __________________________
Title: _________________________
Date: _________________________

Dreyfus Investment Portfolios
By: __________________________
Title: _________________________
Date: _________________________

cc:     B. Byrne, Esq.
        Great-West Life & Annuity Insurance Company

        D. Stone, Esq. E. O'Riordan
        Charles Schwab & Co., Inc.

                                   SCHEDULE B

Designated Portfolios

[Schwab Select Annuity]
Dreyfus Variable Investment Fund Appreciation Portfolio - Initial Shares Dreyfus
Variable Investment Fund Growth & Income Portfolio - Initial Shares Dreyfus
Variable Investment Fund Developing Leaders Portfolio - Initial Shares Dreyfus
Variable Investment Portfolios MidCap Stock Portfolio - Initial Shares

[Schwab Signature Annuity]
Dreyfus Variable Investment Fund Growth & Income Portfolio - Initial Shares
Dreyfus Variable Investment Fund Developing Leaders Portfolio - Initial Shares
Dreyfus Variable Investment Portfolios MidCap Stock Portfolio - Initial Shares