Pacific Life Introduces New Retirement Income Annuity through Charles Schwab

  Pacific Life Introduces New Retirement Income Annuity through Charles Schwab

 Product combines low fees, guaranteed income, and tax deferral in a simple,
                          easy-to-understand design

Business Wire

NEWPORT BEACH, Calif. -- February 7, 2013

Pacific Life has introduced a new retirement income annuity that will be
offered exclusively by Charles Schwab. The product, called the Schwab
Retirement Income Variable Annuity™, is built with a focus on guaranteed
lifetime income, low fees, and streamlined features. Key features include an
optional guaranteed lifetime withdrawal benefit (GLWB) available for an
additional cost, no surrender charges, and a choice of three diversified
Schwab portfolios, each composed primarily of exchange-traded funds (ETFs).

“Pacific Life is extremely pleased to introduce a variable annuity designed
with Schwab clients in mind,” says Christine Tucker, Pacific Life’s vice
president of Marketing, Retirement Solutions Division. “No one can predict how
long they’ll be retired, or how long-term market performance will affect their
savings. The guaranteed lifetime income this product provides can help create
a more secure, worry-free retirement, and we look forward to a long
relationship with Schwab in helping clients meet their retirement income

The Schwab Retirement Income Variable Annuity represents a deepening in
Pacific Life’s already-established relationship with Charles Schwab. Schwab
also offers Pacific Income Provider®, Pacific Life’s single-premium, immediate
fixed annuity.

“We’re delighted to be able to offer clients who want assurances about their
income streams throughout retirement a solution that we feel great about,”
says Tina Valenzuela, vice president of insurance services at Charles Schwab.
“By working with Pacific Life, we’ve come up with a variable annuity that
offers the benefits our clients appreciate -- one that’s low cost and
easy-to-understand, featuring a guaranteed income option, diversification, and

The Schwab Retirement Income Variable Annuity is available through Schwab
branches nationwide. Additional information about the product is available at or by calling (888) 311-4889.

About Pacific Life

Offering insurance since 1868, Pacific Life provides a wide range of life
insurance products, annuities, and mutual funds, and offers a variety of
investment products and services to individuals, businesses, and pension
plans. Pacific Life counts more than half of the 100 largest U.S. companies as
its clients. For additional company information, including current financial
strength ratings, visit Pacific Life online at

Pacific Life refers to Pacific Life Insurance Company and its affiliates,
including Pacific Life & Annuity Company. Client count as of May 2012 is
compiled by Pacific Life using the 2012 FORTUNE 500® list.

This material is not intended to be used, nor can it be used by any taxpayer,
for the purpose of avoiding U.S. federal, state, or local tax penalties. This
material is written to support the promotion or marketing of the
transaction(s) or matter(s) addressed by this material. Pacific Life Insurance
Company and its affiliates, including Pacific Life & Annuity Company, its
distributors, and respective representatives do not provide tax, accounting or
legal advice. Any taxpayer should seek advice based on the taxpayer’s
particular circumstances from an independent tax advisor.

Investors should carefully consider the Schwab Retirement Income Variable
Annuity risks, charges, limitations, and expenses, as well as the risks,
charges, expenses, and investment objectives of the underlying investment
options. This and other information about Pacific Life are provided in the
prospectuses. These prospectuses should be read before investing.

Variable annuities are long-term investments designed for retirement. The
value of the variable investment options will fluctuate and, when redeemed,
may be worth more or less than the original cost. Annuity withdrawals and
other distributions of taxable amounts, including death benefit payouts, will
be subject to ordinary income tax. For nonqualified contracts, an additional
3.8% federal tax may apply on net investment income. If withdrawals and other
distributions are taken prior to age 59½, an additional 10% federal tax may
apply. Withdrawals may reduce the value of the death benefit and any optional

The contract is sold exclusively by Charles Schwab & Co., Inc. (“Schwab”)
through its representatives including both employees and independent
contractors and their employees (“Schwab Financial Consultants”). Charles
Schwab Investment Management, Inc. (CSIM) is the adviser for the underlying
investment options. Charles Schwab & Co., Inc. and Charles Schwab Investment
Management, Inc. are separate but affiliated companies and subsidiaries of The
Charles Schwab Corporation and are not affiliated with Pacific Life.

The Schwab Retirement Income Variable Annuity™ is a flexible purchase payment
variable deferred annuity issued by Pacific Life.

Insurance products are issued by Pacific Life Insurance Company in all states
except New York and in New York by Pacific Life & Annuity Company. Product
availability and features may vary by state. Each company is solely
responsible for the financial obligations accruing under the products it
issues. Insurance product and rider guarantees are backed by the financial
strength and claims-paying ability of the issuing company.

The Schwab Retirement Income Variable Annuity is distributed by Pacific Select
Distributors, Inc. (member FINRA & SIPC) a subsidiary of Pacific Life
Insurance Company and an affiliate of Pacific Life & Annuity Company (Newport
Beach, CA).


Pacific Life
Media Contact:
June Arce, 949-219-6916
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