UPDATING SUMMARY PROSPECTUS FOR EXISTING INVESTORS
MAY 1, 2024
PACIFIC SELECT® VARIABLE ANNUITY II
Issued by Pacific Life Insurance Company through Separate Account B of Pacific Life Insurance Company
This updating summary prospectus summarizes certain key features of Pacific Select Variable Annuity II, an individual flexible premium deferred variable annuity contract (the “Contract”). This prospectus also provides a summary of Contract features that have changed.
The prospectus for the Contract contains more information about the Contract, including the Contract’s features, benefits, and risks. You can find the current prospectus and other information about the Contract online at PacificLife.com/Prospectuses. You can also obtain this information at no cost by calling (833) 455-0901 or by sending an email request to Prospectuses@PacificLife.com.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s (“SEC”) staff and is available at Investor.gov.
To view our latest Privacy Notice, please visit https://paclife.co/privacy-promise or contact (877) 722-7848 for additional information.
TABLE OF CONTENTS
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT | |
Account Value – The amount of your Contract Value allocated to a specified Variable Investment Option or any fixed option.
Business Day – Any day on which the value of an amount invested in a Variable Investment Option is required to be determined, which currently includes each day that the New York Stock Exchange is open for trading, an applicable underlying Fund is open for trading, and our administrative offices are open.
Contract Value – As of the end of any Business Day, the sum of your Variable Account Value, any fixed option value, the value of any other Investment Option added to the Contract by Rider or Endorsement, and any Loan Account Value.
Fund – An underlying fund that you may invest in through the Separate Account provided by a registered open-end management investment company; may also be referred to as a Variable Investment Option.
Investment (“Purchase Payment”) – An amount paid to us by or on behalf of a Contract Owner as consideration for the benefits provided under the Contract.
Investment Option – A Variable Investment Option, any fixed option, or any other Investment Option added to the Contract by Rider or Endorsement.
Purchase Payment (“Investment”) – An amount paid to us by or on behalf of a Contract Owner as consideration for the benefits provided under the Contract.
Separate Account B (the “Separate Account”) – A separate account of ours registered as a unit investment trust under the Investment Company Act of 1940, as amended (the “1940 Act”).
Variable Account Value – The aggregate amount of your Contract Value allocated to all Subaccounts.
Variable Investment Option – A Fund under this Contract that is part of the Separate Account.
UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this Updating Summary Prospectus is a summary of certain Contract features that have changed since the prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.
Underlying Funds
· Fee and performance information have been updated and are reflected in the Funds Available Under the Contract Appendix and the Fees and Expenses table in this updating summary prospectus.
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
FEES AND EXPENSES | LOCATION IN PROSPECTUS | |
Charges for Early Withdrawals | If you withdraw money from your Contract during the first 5 years following your last Purchase Payment, you may be assessed a withdrawal charge. The maximum withdrawal charge is 7% of the Purchase Payment, declining to 0% after 5 years. For example, if you make an early withdrawal, you could pay a withdrawal charge up to $7,000 on a $100,000 withdrawal. | Fee Tables Charges, Fees and Deductions – Withdrawal Charge |
Transaction Charges | There are no transaction charges under this Contract (for example, sales loads, charges for transferring Contract Value between Investment Options, or wire transfer fees). | Fee Tables |
Ongoing Fees and | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you | Fee Tables |
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FEES AND EXPENSES | LOCATION IN PROSPECTUS | |||||
Expenses (annual charges) | will pay each year based on the options you have elected. | Charges Fees and Deductions Appendix: Funds Available Under the Contract Charges, Fees and Deductions - Mortality and Expense Risk Charge and Optional Death Benefit Rider Charge | ||||
ANNUAL FEES | MINIMUM | MAXIMUM | ||||
1. Base Contract | 1.40%1 | 1.40%1 | ||||
2. Investment Options (Fund fees and expenses) | 0.28%2 | 1.17%2 | ||||
Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year. This estimate assumes that you do not take withdrawals from the Contract, which could add withdrawal charges that substantially increase costs. | ||||||
Lowest Annual Cost: $1,514.31 | Highest Annual Cost: $2,221.56 | |||||
Assumes: · Investment of $100,000 · 5% annual appreciation · Least expensive combination of Contract classes (if applicable) and Fund fees and expenses · No optional benefits · No sales charges · No additional purchase payments, transfers, or withdrawals | Assumes: · Investment of $100,000 · 5% annual appreciation · Most expensive combination of Contract classes (if applicable) and Fund fees and expenses · No sales charges · No additional purchase payments, transfers, or withdrawals | |||||
1 As a percentage of the average daily Variable Account Value. This percentage includes the Mortality and Expense Risk Charge and the Administrative Fee.
2 As a percentage of Fund net assets.
RISKS | LOCATION IN PROSPECTUS | |
Risk of Loss | You can lose money by investing in the Contract, including loss of principal and previous earnings. | Principal Risks of Investing in the Contract |
Not a Short-Term Investment | This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawal charges may apply for the first 5 years following your last purchase payment and will reduce the Contract Value if you withdraw money during that time. The benefits of tax deferral, long-term income, and living benefits are generally more beneficial to investors with a long-term investment horizon. | Principal Risks of Investing in the Contract Charges, Fees and Deductions - Withdrawal Charge |
Risks Associated with Investment Option | An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Contract (e.g. Funds and fixed options). Each Investment Option (including any fixed option) will have its own unique risks. You should review, working with your financial professional, the Investment Options before making an investment decision. | Principal Risks of Investing in the Contract Appendix: Funds Available Under the |
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RISKS | LOCATION IN PROSPECTUS | |
Contract | ||
Insurance Company Risks | Investment in the Contract is subject to the risks related to us, and any obligations (including any fixed option), guarantees, or benefits are subject to our claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you. More information about us, including our financial strength ratings, is available upon request by calling (800) 722-4448 or visiting our website at www.PacificLife.com. | Principal Risks of Investing in the Contract Pacific Life and the Separate Account |
RESTRICTIONS | LOCATION IN PROSPECTUS | |
Investments | Transfers between Variable Investment Options are limited to 25 each calendar year. Transfers to or from a Variable Investment Option cannot be made before the seventh calendar day following the last transfer to or from the same Variable Investment Option. Transfers may not be made from a Variable Investment Option to any fixed option. Additional Fund transfer restrictions apply (e.g., transfer restrictions imposed by the Funds on certain funds). Certain Funds may stop accepting additional investments into their fund or may liquidate a fund. In addition, if a Fund determines that excessive trading has occurred, they may limit your ability to continue to invest in their Fund for a certain period of time. We reserve the right to remove, close to new investment, or substitute Funds as Investment Options. | Transfers and Market-Timing Restrictions Appendix: Funds Available Under the Contract |
TAXES | LOCATION IN PROSPECTUS | |
Tax Implications | Consult with a tax professional to determine the tax implications of an investment in and payments received under the Contract. It is important to know that IRAs and qualified plans are already tax-deferred which means the tax deferral feature of a variable annuity does not provide a benefit in addition to that already offered by an IRA or qualified plan. An annuity contract should only be used to fund an IRA or qualified plan to benefit from the annuity’s features other than tax deferral. Withdrawals will be subject to ordinary income tax and may be subject to a tax penalty if you take a withdrawal before age 59½. Tax consequences for loans and withdrawals generally differ. | Federal Tax Issues Principal Risks of Investing in the Contract – Tax Consequences |
CONFLICTS OF INTEREST | LOCATION IN PROSPECTUS | |
Investment Professional Compensation | Some financial professionals may receive compensation for selling this Contract to you in the form of commissions, additional payments, non-cash compensation, and/or reimbursement of expenses. These financial professionals may have a financial incentive to offer or recommend this Contract over another investment that may pay less compensation. | Distribution Arrangements |
Exchanges | Some financial professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing contract. | Replacement of Life Insurance or Annuities |
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CONFLICTS OF INTEREST | LOCATION IN PROSPECTUS | |
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APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT
The following is a list of Funds available under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at PacificLife.com/Prospectuses. You can also request this information at no cost by calling (833) 455-0901 or by sending an email request to Prospectuses@PacificLife.com. Availability of Funds may vary by financial intermediary. For information about which Funds are available to you, please contact your financial professional or call us at the number above.
The current expenses and performance information below reflects fee and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.
Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Provide high total return (including income and capital gains) consistent with preservation of capital over the long term. | American Funds IS Asset Allocation Fund Class 4 ; Capital Research and Management Company℠ | 0.80% | 14.02% | 8.92% | 6.98% |
Provide growth of capital. | American Funds IS Growth Fund Class 4 ; Capital Research and Management Company℠ | 0.84% | 38.13% | 18.38% | 14.07% |
Seeks to provide long-term growth of capital and income. | American Funds IS Growth-Income Fund Class 4 ; Capital Research and Management Company℠ | 0.78% | 25.82% | 13.08% | 10.63% |
Seeks as high a level of current income as is consistent with preservation of capital and liquidity. | Fidelity® VIP Government Money Market Portfolio Service Class ; Fidelity Management & Research Company LLC | 0.37% | 4.79% | 1.66% | 1.05% |
Seeks to maximize total return consistent with prudent investment management. | Pacific Select Fund Diversified Bond Portfolio Class I ; Pacific Life Fund Advisors LLC (Loomis Sayles & Company, L.P.) | 0.66% | 3.60% | 0.61% | 2.20% |
Seeks dividend income and long-term capital appreciation. | Pacific Select Fund Dividend Growth Portfolio Class I ; Pacific Life Fund Advisors LLC (T. Rowe Price Associates, Inc.) | 0.86%1 | 13.32% | 13.59% | 10.98% |
Seeks long-term growth of capital. | Pacific Select Fund Emerging Markets Portfolio Class I ; Pacific Life Fund Advisors LLC (Invesco Advisers, Inc.) | 1.07% | 8.95% | 1.93% | 1.25% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks investment results that correspond to the total return of common stocks that are publicly traded in the U.S. | Pacific Select Fund Equity Index Portfolio Class I ; Pacific Life Fund Advisors LLC (BlackRock Investment Management, LLC) | 0.28% | 25.93% | 15.38% | 11.72% |
Seeks a high level of current income. | Pacific Select Fund Floating Rate Income Portfolio Class I ; Pacific Life Fund Advisors LLC (Aristotle Pacific Capital LLC) | 0.92% | 13.66% | 5.79% | 4.20% |
Seeks long-term growth of capital. | Pacific Select Fund Focused Growth Portfolio Class I ; Pacific Life Fund Advisors LLC (Janus Henderson Investors US LLC) | 0.95% | 37.96% | 15.43% | 13.20% |
Seeks long-term growth of capital. | Pacific Select Fund Growth Portfolio Class I ; Pacific Life Fund Advisors LLC (MFS Investment Management) | 0.78% | 35.55% | 15.90% | 12.92% |
Seeks long-term growth of capital. | Pacific Select Fund Health Sciences Portfolio Class I ; Pacific Life Fund Advisors LLC (BlackRock Investment Management, LLC) | 1.14% | 3.42% | 10.34% | 10.87% |
Seeks a high level of current income. | Pacific Select Fund High Yield Bond Portfolio Class I ; Pacific Life Fund Advisors LLC (Aristotle Pacific Capital LLC) | 0.64% | 12.22% | 5.03% | 3.94% |
Seeks to maximize total return consistent with prudent investment management. | Pacific Select Fund Inflation Managed Portfolio Class I ; Pacific Life Fund Advisors LLC (Pacific Investment Management Company LLC) | 0.75% | 3.67% | 3.17% | 2.22% |
Seeks long-term growth of capital. | Pacific Select Fund International Large-Cap Portfolio Class I ; Pacific Life Fund Advisors LLC (MFS Investment Management) | 1.01%1 | 18.65% | 10.37% | 5.69% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks long-term growth of capital. | Pacific Select Fund International Small-Cap Portfolio Class I ; Pacific Life Fund Advisors LLC (FIAM, LLC.) | 1.15%1 | 17.23% | 7.58% | 4.74% |
Seeks long-term capital appreciation primarily through investment in equity securities of corporations domiciled in countries with developed economies and markets other than the U.S. Current income from dividends and interest will not be an important consideration. | Pacific Select Fund International Value Portfolio Class I ; Pacific Life Fund Advisors LLC (Wellington Management Company LLP) | 0.91% | 20.20% | 9.11% | 3.67% |
Seeks long-term growth of capital. | Pacific Select Fund Large-Cap Core Portfolio Class I ; Pacific Life Fund Advisors LLC (JPMorgan Investment Management, Inc.) | 0.68% | 27.06% | 14.17% | 10.38% |
Seeks long-term growth of capital; current income is of secondary importance. | Pacific Select Fund Large-Cap Growth Portfolio Class I ; Pacific Life Fund Advisors LLC (FIAM, LLC) | 0.87%1 | 45.12% | 14.69% | 12.07% |
Seeks long-term growth of capital; current income is of secondary importance. | Pacific Select Fund Large-Cap Value Portfolio Class I ; Pacific Life Fund Advisors LLC (ClearBridge Investments, LLC) | 0.85% | 14.91% | 12.97% | 8.78% |
Seeks to maximize total return consistent with prudent investment management. | Pacific Select Fund Managed Bond Portfolio Class I ; Pacific Life Fund Advisors LLC (Pacific Investment Management Company LLC) | 0.65%1 | 6.55% | 1.26% | 1.82% |
Seeks capital appreciation. | Pacific Select Fund Mid-Cap Equity Portfolio Class I ; Pacific Life Fund Advisors LLC (BlackRock Investment Management, LLC) | 0.70%1 | 15.35% | 11.35% | 9.19% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks long-term growth of capital. | Pacific Select Fund Mid-Cap Growth Portfolio Class I ; Pacific Life Fund Advisors LLC (Delaware Investments Fund Advisers) | 0.91%1 | 19.62% | 14.98% | 10.80% |
Seeks current income and long-term capital appreciation. | Pacific Select Fund Real Estate Portfolio Class I ; Pacific Life Fund Advisors LLC (Principal Real Estate Investors LLC) | 0.99%1 | 13.01% | 8.41% | 7.29% |
Seeks current income; capital appreciation is of secondary importance. | Pacific Select Fund Short Duration Bond Portfolio Class I ; Pacific Life Fund Advisors LLC (T. Rowe Price Associates, Inc.) | 0.64% | 4.87% | 1.50% | 1.25% |
Seeks long-term growth of capital. | Pacific Select Fund Small-Cap Equity Portfolio Class I ; Pacific Life Fund Advisors LLC (Franklin Mutual Advisers, LLC & BlackRock Investment Management, LLC) | 0.97%1 | 12.97% | 10.21% | 6.52% |
Seeks capital appreciation; no consideration is given to income. | Pacific Select Fund Small-Cap Growth Portfolio Class I ; Pacific Life Fund Advisors LLC (MFS Investment Management) | 0.85% | 14.20% | 10.80% | 7.49% |
Seeks investment results that correspond to the total return of an index of small-capitalization companies. | Pacific Select Fund Small-Cap Index Portfolio Class I ; Pacific Life Fund Advisors LLC (BlackRock Investment Management, LLC) | 0.60% | 16.20% | 9.33% | 6.56% |
Seeks long-term growth of capital. | Pacific Select Fund Small-Cap Value Portfolio Class I ; Pacific Life Fund Advisors LLC (Avantis Investors by American Century) | 0.83%1 | 7.53% | 8.99% | 6.24% |
Seeks long-term growth of capital. | Pacific Select Fund Technology Portfolio Class I ; Pacific Life Fund Advisors LLC (FIAM LLC) | 1.04%1 | 53.68% | 17.56% | 12.18% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks long-term growth of capital. | Pacific Select Fund Value Portfolio Class I ; Pacific Life Fund Advisors LLC (American Century Investment Management, Inc.) | 0.87%1 | 3.77% | 7.82% | 6.13% |
1To help limit Fund expenses, Fund advisers have contractually agreed to reduce investment advisory fees or otherwise reimburse certain of their Funds which reflect temporary fee reductions. There can be no assurance that Fund expense waivers or reimbursements will be extended beyond their current terms as outlined in each Fund prospectus, and they may not cover certain expenses such as extraordinary expenses. See each Fund prospectus for complete information regarding these arrangements.
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This summary prospectus incorporates by reference the prospectus and Statement of Additional Information for the Contract, both dated May 1, 2024, as supplemented. The SAI may be obtained, free of charge, in the same manner as the prospectus.
EDGAR Contract Identifier: C000017044
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