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 needs.”
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 flexibility.”
The Schwab Retirement Income Variable Annuity is available through
Schwab branches nationwide. Additional information about the product is
available at schwab.com/annuities
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
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
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 benefits.
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
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).