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Pacific Life Enhances Suite of Annuities to Address Retirement Income Needs

NEWPORT BEACH, Calif. – May 1, 2024 –
To continue serving consumers’ varying retirement-income needs, Pacific Life recently enhanced the features of three of its optional benefits, available with certain advisory and traditional variable annuities for an additional cost. Designed for growth and protection, these strategies offer clients the flexibility to protect their money or withdraw income in retirement.

Open Architecture from Pacific Life with Future Income Generator

Clients who select Future Income Generator optional benefit with certain variable annuities can access the full, expanded investment-option lineup — with some options offering up to 100% equity exposure. This strategy provides the potential for clients to grow and lock in a higher protected base from which to take withdrawals without an increase in the cost of the benefit. It also offers a stackable1 annual credit for up to 10 years (or until the first withdrawal) and guaranteed income for life starting at age 59½.

Increased Withdrawal Percentages on Enhanced Income Select 2

Those looking forward to spending more money early in retirement can receive higher2 withdrawal percentages using Enhanced Income Select 2, an optional benefit available with certain Pacific Life variable annuities. As of May 1, 2024, those percentages have increased. A higher income level early in retirement, and the flexibility to stop and start withdrawals, may be appealing to today’s more active retirees.

100% Downside Protection Available with Protected Investment Benefit in New York

Protected Investment Benefit is available in only New York for an additional cost with certain Pacific Life variable annuities. It offers 100% downside protection with unlimited growth potential and up to 80% equity exposure with the 7-year term option. This is an option for clients nearing retirement who need growth but want to take some of the emotion out of investing.

“Pacific Life plans to continue evolving its products and services and we’re pleased to provide financial professionals with strategies that can make a meaningful difference in their clients’ retirements,” said Kevin Kennedy, senior vice president, sales and distribution, consumer markets business at Pacific Life. “The current enhancements to these optional benefits may help provide consumers with more opportunities to grow and protect their retirement savings and provide the flexibility to withdraw income when needed in retirement.”

For more information, financial professionals are invited to contact a Pacific Life consultative wholesaler at (800) 722-2333, or visit

Not all products and optional benefits are available in all states and firms. Financial professionals can check with their respective firms for availability. 

Protected Investment Benefit is available only in New York. All other product updates are effective in all states except New York.

About Pacific Life
Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workplace benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for more than 150 years, Pacific Life is a Fortune 500 company headquartered in Newport Beach, California. For additional company information, including current financial strength ratings, visit  

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1The term "stackable" is equivalent to a reset. A reset takes place when the contract value is greater than the protected payment base and annual credit. After a reset, the annual credit amount grows based on the higher protected payment base.

2Withdrawals are higher than the typical 5% withdrawals. Withdrawal percentages will vary based on age and whether the Single Life or Joint Life option was selected.

All guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company and do not protect the value of the variable investment options, which are subject to market risk.

Pacific Life, its affiliates, their 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 or attorney.

Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

Investors should carefully consider a variable annuity’s risks, charges, limitations, and expenses, as well as the risks, charges, expenses, and investment goals of the underlying investment options. This and other information about Pacific Life are provided in the product and underlying fund prospectuses. These prospectuses should be read carefully before investing.

The value of the variable investment options will fluctuate so that shares, 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 income tax may apply. A withdrawal charge also may apply. Withdrawals will reduce the contract value and the value of the death benefit, and also may reduce the value of any optional benefits.

Only one optional guaranteed minimum withdrawal benefit (GMWB) can be purchased on a variable annuity.

Enhanced Income Select 2 is named “Guaranteed Withdrawal Benefit XXIII Rider – Single Life” and “Guaranteed Withdrawal Benefit XXIII Rider – Joint Life” in the contract rider.

Future Income Generator is named “Guaranteed Withdrawal Benefit XXII Rider – Single Life” and “Guaranteed Withdrawal Benefit XXII Rider – Joint Life” in the contract rider. Protected Investment Benefit is named “Guaranteed Minimum Accumulation Benefit” in the contract rider.

Insurance product and rider guarantees, including optional benefits and any fixed crediting rates or annuity payout rates, are backed by the financial strength and claims-paying ability of the issuing insurance company and do not protect the value of the variable investment options. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased, or any affiliates of those entities, and none makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

Pacific Life refers to Pacific Life Insurance Company and its subsidiary Pacific Life & Annuity Company. Insurance products can be issued in all states, except New York, by Pacific Life Insurance Company and in all states by Pacific Life & Annuity Company.  Product/material availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.

Variable insurance products are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company and an affiliate of Pacific Life & Annuity Company.

The home office for Pacific Life & Annuity Company is located in Phoenix, Arizona. The home office for Pacific Life Insurance Company is located in Omaha, Nebraska.

Contract Form Series: ICC20:10-1020, 10-2252-13, 10-178OR

Rider Series: ICC20:20-1021, ICC20:20-1022, ICC19:20-1427, ICC19:20-1428, 20-2355 

VAC3225PR-2400 5/24 E527


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