Complex sentence: They concluded that GAR policies required that the guaranteed rate was applied to calculate the contractual annuity; and that the effect of the differential terminal bonus rates was that the annuity was calculated at current annuity rates, not at the guaranteed rate, and was not lawful.
Split into simpler sentences: They concluded that GAR policies required that the guaranteed rate was applied to calculate the contractual annuity. The effect of the differential bonus scheme was that the annuity was calculated at current annuity rates, not at the guaranteed rate, and was not lawful.