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
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 AnnuityTM, 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 About Pacific Life section of this website.
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, available by calling (888) 311-4889. 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 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 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).