UPDATING SUMMARY PROSPECTUS FOR EXISTING INVESTORS
MAY 1, 2024
PACIFIC VALUE EDGE®
Issued by Pacific Life Insurance Company through Separate Account A of Pacific Life Insurance Company
This updating summary prospectus summarizes certain key features of Pacific Value, 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 | |
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 A (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
· The Pacific Select Fund Pacific Dynamix – Aggressive Growth Portfolio was added as an available Investment Option.
· The Pacific Select Fund Diversified Bond Portfolio Investment Advisor (Subadvisor) changed from Western Asset Management Company, LLC to Loomis Sayles & Company, L.P.
· The Pacific Select Fund Mid-Cap Equity Portfolio Investment Advisor (Subadvisor) changed from Scout Investments to Blackrock Investment Management, LLC.
· The Pacific Select Fund Small-Cap Value Portfolio Investment Advisor (Subadvisor) changed from AllianceBernstein L.P, LLC to Avantis, L.P.
· The Pacific Select Fund Technology Portfolio Investment Advisor (Subadvisor) changed from MFS Investment Management to FIAM, LLC.
· The Delaware Ivy VIP Asset Strategy changed to the Macquarie VIP Asset Strategy Series Portfolio
· The Delaware Ivy VIP Energy changed to the Macquarie VIP Energy Series Portfolio
· The following Neuberger Berman Fund Liquidated: Neuberger Berman AMT US Equity PutWrite Strategy Portfolio
· The following Portfolios were transferred and no longer available for investment as a result of a Substitution Order:
· ClearBridge Variable Aggressive Growth to American Funds IS Growth
· First Trust Multi Income Allocation to Franklin Income VIP
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· PIMCO VIT All Asset to Invesco Balanced Risk
· State Street Total Return to American Funds IS Asset Allocation
· The following American Century Funds Reorganized:
• The American Century VP Mid Cap Value Portfolio became the LVIP American Century Mid Cap Value Portfolio
· Fee and performance information have been updated and are reflected in the Appendix: Funds Available Under the Contract 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 9 years following your last Purchase Payment, you may be assessed a withdrawal charge. The maximum withdrawal charge is 9% of the Purchase Payment, declining to 0% after 9 years. For example, if you make an early withdrawal, you could pay a withdrawal charge up to $9,000 on a $100,000 withdrawal. | Fee Tables Charges, Fees and Deductions - Withdrawal Charge | ||
Transaction Charges | Taking a loan, where allowable, will result in loan interest charges. There are no other transaction charges under this Contract (for example, sales loads, charges for transferring Contract Value between Investment Options, or wire transfer fees). | Optional Benefit Expenses Contract Features and Loans Additional Information – Loans and Qualified Contacts | ||
Ongoing Fees and Expenses (annual charges) | 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 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 – Living Benefit Rider Charges Charges, Fees and Deductions – Mortality and Expense Risk Charge and Optional Death Benefit Rider Charge | ||
ANNUAL FEES | MINIMUM | MAXIMUM | ||
1. Base Contract | 1.75%1 | 1.75%1 | ||
2. Investment Options (Fund fees and expenses) | 0.28%2 | 1.86%2 | ||
3. Optional Benefits (for a single optional benefit, if elected) | 0.20%3 | 1.90%3 | ||
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 based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add withdrawal charges that substantially increase costs. | ||||
Lowest Annual Cost: $1,799.86 | Highest Annual Cost: $6,245.27 | |||
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FEES AND EXPENSES | LOCATION IN PROSPECTUS | ||
Assumes: · Investment of $100,000 · 5% annual appreciation · Least expensive combination of base Contract and Fund fees and expenses · No optional benefits · No sales charges · No additional purchase payments, transfers, or withdrawals · No loans or loan interest charges | Assumes: · Investment of $100,000 · 5% annual appreciation · Most expensive combination of base Contract, optional benefits, and Fund fees and expenses · No sales charges · No additional purchase payments, transfers, or withdrawals · No loans or loan interest charges | ||
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 assets.
3 As a percentage of the Protected Payment Base, Contract Value, Guaranteed Protection Amount, or Guaranteed Income Base (depending on the optional living benefit selected), and average daily Variable Account Value or Contract Value (depending on optional the death benefit selected).
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 9 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 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 |
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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. Additional Fund transfer restrictions apply. Certain Funds may stop accepting additional investments into the Fund or a Fund may liquidate. 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 |
Optional Benefits | Certain optional living benefits limit or restrict the Investment Options that you may select under the Contract. We may change these limits or restrictions in the future. Withdrawals that exceed withdrawal limits specified by an optional living benefit may affect the availability of the benefit, by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit. We may stop offering an optional living benefit or optional death benefit at any time, including for current Contract Owners who have not yet purchased the rider. We reserve the right to reject or restrict, at our discretion, any additional Purchase Payments for a rider and, as a result, we will not accept Purchase Payments for your Contract. You will not be able to increase protected amounts or your Contract Value through additional Purchase Payments. Certain Owners of Qualified Contracts may borrow against their Contracts. Otherwise loans from us are not permitted. You may have only one loan outstanding at any time. The minimum loan amount is $1,000, subject to certain state limitations. The maximum loan amount may not exceed the lesser of 50% of the amount available for withdrawal under this Contract or $50,000 less your highest outstanding Contract Debt during the 12-month period immediately preceding the effective date of your loan. The interest charged on your Contract Debt will be a 5% fixed annual rate and the amount held in the Loan Account to secure your loan will earn a 3% annual return. Therefore, the net amount of interest you will pay on your loan will be 2% annually. Taking a loan may have tax consequences. Taking a loan while an optional living benefit Rider is in effect will terminate your Rider. | Death Benefits Death Benefit Riders Living Benefit Riders Additional Information – Loans and Qualified Contacts – General Rules 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 | Distribution Arrangements |
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CONFLICTS OF INTEREST | LOCATION IN PROSPECTUS | |
less compensation. | ||
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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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. Depending on the optional benefits you choose, you may not be able to invest in certain Funds. See the Living Benefit Investment Allocation Requirements section after the Fund table below. 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 you with a high level of current income. Its secondary investment objective is capital appreciation. | American Funds IS American High-Income Trust Class 4 ; Capital Research and Management Company℠ | 0.82%1 | 12.18% | 5.84% | 4.15% |
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% |
The fund has two primary investment objectives. It seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. Secondary objective is to provide growth of capital. | American Funds IS Capital Income Builder® Class 4 ; Capital Research and Management Company℠ | 0.78%1 | 8.75% | 7.18% | - |
Provide, over the long term, with a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund’s investments. | American Funds IS Capital World Bond Fund Class 4 ; Capital Research and Management Company℠ | 0.98% | 5.89% | -0.56% | 0.12% |
Provide you with long-term growth of capital while providing current income. | American Funds IS Capital World Growth and Income Fund Class 4 ; Capital Research and Management Company℠ | 0.91%1 | 20.65% | 10.07% | 7.36% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income. | American Funds IS Global Balanced Fund Class 4 ; Capital Research and Management Company℠ | 1.02%1 | 13.45% | 7.16% | 5.20% |
Provide long-term growth of capital. | American Funds IS Global Growth Fund Class 4 ; Capital Research and Management Company℠ | 0.91%1 | 22.29% | 13.36% | 9.30% |
Provide long-term growth of capital. | American Funds IS Global Small Capitalization Fund Class 4 ; Capital Research and Management Company℠ | 1.16%1 | 15.79% | 8.03% | 5.51% |
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% |
Provide long-term growth of capital. | American Funds IS International Fund Class 4 ; Capital Research and Management Company℠ | 1.03% | 15.56% | 4.58% | 3.15% |
Provide long-term growth of capital while providing current income. | American Funds IS International Growth and Income Fund Class 4 ; Capital Research and Management Company℠ | 1.06% | 15.66% | 5.86% | 3.06% |
Provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. | American Funds IS Managed Risk Asset Allocation Fund Class P2 ; Capital Research and Management Company℠ | 0.90%1 | 10.23% | 5.91% | 4.74% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Provide long-term capital appreciation. | American Funds IS New World Fund® Class 4 ; Capital Research and Management Company℠ | 1.07%1 | 15.67% | 8.37% | 4.43% |
Provide as high a level of current income as is consistent with the preservation of capital. | American Funds IS The Bond Fund of America Class 4 ; Capital Research and Management Company℠ | 0.73%1 | 4.72% | 1.62% | 1.83% |
Provide a high level of current income consistent with prudent investment risk and preservation of capital. | American Funds IS U.S. Government Securities Fund Class 4 ; Capital Research and Management Company℠ | 0.76%1 | 2.62% | 0.79% | 1.27% |
Produce income and to provide an opportunity for growth of principal consistent with sound common stock investing. | American Funds IS Washington Mutual Investors Fund Class 4 ; Capital Research and Management Company℠ | 0.77%1 | 16.97% | 12.33% | 9.64% |
Seeks to provide total return. | BlackRock 60/40 Target Allocation ETF V.I. Fund Class I ; BlackRock Advisors, LLC | 0.31%1 | 15.62% | 8.95% | - |
Seeks high total investment return. | BlackRock Global Allocation V.I. Fund Class III ; BlackRock Advisors, LLC | 1.02%1 | 12.49% | 7.39% | 4.63% |
Seeks long-term capital appreciation. | Fidelity VIP Contrafund® Portfolio Service Class 2 ; Fidelity Management & Research Company LLC | 0.81% | 33.12% | 16.36% | 11.33% |
Seeks high total return. | Fidelity® VIP FundsManager® 60% Portfolio Service Class 2 ; Fidelity Management & Research Company LLC | 0.86%1 | 14.08% | 8.43% | 6.10% |
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% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks a high level of current income. The fund may also seek capital appreciation. | Fidelity® VIP Strategic Income Portfolio Service Class 2 ; Fidelity Management & Research Company LLC | 0.90% | 9.18% | 3.47% | 3.10% |
Seeks to provide total return. | First Trust Dorsey Wright Tactical Core Portfolio Class I ; First Trust Advisors L.P. | 1.30%1 | 11.28% | 7.15% | - |
Seeks to provide total return by allocating among dividend-paying stocks and investment grade bonds. | First Trust/Dow Jones Dividend & Income Allocation Portfolio Class I ; First Trust Advisors L.P. | 1.19% | 10.51% | 7.23% | 6.53% |
Seeks capital appreciation, with income as a secondary goal. | Franklin Allocation VIP Fund Class 4 ; Franklin Advisers, Inc. | 0.92%1 | 14.62% | 7.44% | 4.64% |
To maximize income while maintain prospects for capital appreciation. | Franklin Income VIP Fund Class 2 ; Franklin Advisers, Inc. | 0.71%1 | 8.62% | 6.98% | 5.01% |
Seeks capital appreciation. | Franklin Mutual Global Discovery VIP Fund Class 2 ; Franklin Mutual Advisers, LLC | 1.15% | 20.31% | 10.16% | 5.98% |
Seeks long-term capital appreciation, with preservation of capital as an important consideration. | Franklin Rising Dividends VIP Fund Class 2 ; Franklin Advisers, Inc. | 0.90%1 | 12.08% | 13.75% | 10.23% |
Seeks capital appreciation. | Invesco Oppenheimer V.I. International Growth Fund Series II ; Invesco Advisers, Inc. | 1.25%1 | 20.64% | 8.43% | 3.57% |
Total return with a low to moderate correlation to traditional financial market indices. | Invesco V.I. Balanced-Risk Allocation Fund Series II ; Invesco Advisers, Inc. | 1.13%1 | 6.40% | 4.66% | 3.79% |
Both capital appreciation and current income. | Invesco V.I. Equity and Income Fund Series II ; Invesco Advisers, Inc. | 0.82% | 10.24% | 9.64% | 6.78% |
Seeks capital appreciation. | Invesco V.I. Global Fund Series II ; Invesco Advisers, Inc. | 1.07% | 34.45% | 12.02% | 8.21% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Total return through growth of capital and current income. | Invesco V.I. Global Real Estate Fund Series II ; Invesco Advisers, Inc. | 1.27% | 8.82% | 1.85% | 2.84% |
Seeks long-term capital growth, consistent with preservation of capital and balanced by current income. | Janus Henderson Balanced Portfolio Service Shares ; Janus Henderson Investors US LLC | 0.87% | 15.13% | 9.37% | 7.73% |
Maximum total return, consistent with preservation of capital. | Janus Henderson Flexible Bond Portfolio Service Shares ; Janus Henderson Investors US LLC | 0.82%1 | 5.29% | 1.55% | 1.66% |
Seeks high current income and the opportunity for capital appreciation to produce a high total return. | Lord Abbett Bond Debenture Portfolio Class VC ; Lord Abbett & Co. LLC | 0.90% | 6.55% | 3.14% | 3.49% |
Seeks income and capital appreciation to produce a high total return. | Lord Abbett Total Return Portfolio Class VC ; Lord Abbett & Co. LLC | 0.71% | 6.34% | 1.12% | 1.83% |
Seeks long-term capital growth. Income is a secondary objective. | LVIP American Century Mid Cap Value Service Class2 (formerly called American Century VP Mid Cap Value Class II); Lincoln Financial Investments Corporation ("LFI") | 1.01%1 | 7.09% | 11.99% | 9.71% |
Seeks to provide total return. | Macquarie VIP Asset Strategy Series Service Class (formerly called Delaware Ivy VIP Asset Strategy Class II); Delaware Management Company | 0.85%1 | 13.90% | 8.27% | 3.48% |
Seeks to provide capital growth and appreciation. | Macquarie VIP Energy Series Service Class (formerly called Delaware Ivy VIP Energy Class II); Delaware Management Company | 1.17%1 | 4.06% | 7.75% | -2.41% |
Seeks total return. | MFS Utilities Series – Service Class ; Massachusetts Financial Services Company | 1.04%1 | -2.33% | 8.05% | 6.13% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks total return. | MFS® Total Return Series – Service Class ; Massachusetts Financial Services Company | 0.86%1 | 10.22% | 8.27% | 6.27% |
Seeks a high level of current income; capital appreciation is of secondary importance. | Pacific Select Fund Core Income Portfolio Class I ; Pacific Life Fund Advisors LLC (Aristotle Pacific Capital LLC) | 0.74% | 7.98% | 2.75% | N/A |
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 to maximize total return consistent with prudent investment management. | Pacific Select Fund Emerging Markets Debt Portfolio Class I ; Pacific Life Fund Advisors LLC (Principal Global Investors, LLC) | 1.06%1 | 12.35% | 1.29% | 2.06% |
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% |
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 long-term growth of capital and low to moderate income, while giving consideration to certain environmental, social and governance (“ESG”) criteria. | Pacific Select Fund ESG Diversified Growth Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.78%1 | 17.66% | N/A | N/A |
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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 and low to moderate income, while giving consideration to certain environmental, social and governance (“ESG”) criteria. | Pacific Select Fund ESG Diversified Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.80%1 | 15.78% | N/A | N/A |
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 to provide capital appreciation. | Pacific Select Fund Hedged Equity Portfolio Class I ; Pacific Life Fund Advisors LLC (JPMorgan Investment Management, Inc.) | 0.90% | 15.69% | N/A | N/A |
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% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks to maximize total return. | Pacific Select Fund Intermediate Bond Portfolio Class I ; Pacific Life Fund Advisors LLC (JPMorgan Investment Management, Inc.) | 0.64% | 5.74% | N/A | N/A |
Seeks long-term growth of capital. | Pacific Select Fund International Growth Portfolio Class I ; Pacific Life Fund Advisors LLC (ClearBridge Investments, LLC) | 0.95% | 13.73% | N/A | N/A |
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% |
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% |
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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; 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% |
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 long-term growth of capital. | Pacific Select Fund Mid-Cap Value Portfolio Class I ; Pacific Life Fund Advisors LLC (Boston Partners Global Investors, Inc.) | 0.94% | 16.39% | 13.46% | 8.51% |
Seeks high, long-term growth of capital. | Pacific Select Fund Pacific Dynamix – Aggressive Growth Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.59%1 | N/A | N/A | N/A |
Seeks current income and moderate growth of capital. | Pacific Select Fund Pacific Dynamix – Conservative Growth Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.59%1 | 11.68% | 5.69% | 4.51% |
Seeks moderately high, long-term growth of capital with low, current income. | Pacific Select Fund Pacific Dynamix – Growth Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.59%1 | 16.98% | 9.67% | 6.95% |
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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 and low to moderate income. | Pacific Select Fund Pacific Dynamix – Moderate Growth Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.59%1 | 15.04% | 7.89% | 5.85% |
Seeks high, long-term capital appreciation. | Pacific Select Fund Portfolio Optimization Aggressive-Growth Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.93% | 15.96% | 9.02% | 6.56% |
Seeks current income and preservation of capital. | Pacific Select Fund Portfolio Optimization Conservative Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.85% | 9.22% | 3.13% | 2.84% |
Seeks moderately high, long-term capital appreciation with low, current income. | Pacific Select Fund Portfolio Optimization Growth Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.89% | 14.45% | 8.09% | 6.04% |
Seeks long-term growth of capital and low to moderate income. | Pacific Select Fund Portfolio Optimization Moderate Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.88% | 13.88% | 6.78% | 5.17% |
Seeks current income and moderate growth of capital. | Pacific Select Fund Portfolio Optimization Moderate-Conservative Portfolio Class I ; Pacific Life Fund Advisors LLC | 0.87% | 11.06% | 4.95% | 4.02% |
Seeks long-term growth of capital and low to moderate income. | Pacific Select Fund PSF Avantis Balanced Allocation Portfolio Class D ; Pacific Life Fund Advisors LLC | 0.67%1 | 13.83% | 7.88% | N/A |
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% |
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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 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% |
Seeks to provide long-term total return from a combination of income and capital gains. | Pacific Select Fund Value Advantage Portfolio Class I ; Pacific Life Fund Advisors LLC (JPMorgan Investment Management, Inc.) | 0.88%1 | 9.60% | 10.78% | 8.19% |
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% |
Seeks maximum real return, consistent with prudent investment management. | PIMCO CommodityRealReturn® Strategy Portfolio – Advisor Class ; Pacific Investment Management Company, LLC | 1.58%1 | -7.93% | 8.46% | -0.90% |
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Investment Objective | Fund; Advisor (Subadvisor) | Current | Average
Annual Total Returns | ||
1 Year | 5 Year | 10 Year | |||
Seeks to maximize current income. Long-term capital appreciation is a secondary objective. | PIMCO Income Portfolio – Advisor Class ; Pacific Investment Management Company, LLC | 1.13% | 8.14% | 3.22% | - |
Seeks high current income, consistent with preservation of capital, with capital appreciation as a secondary consideration. | Templeton Global Bond VIP Fund Class 2 ; Franklin Advisers, Inc. | 0.75%1 | 2.88% | -2.13% | -0.66% |
Seeks long-term capital appreciation by investing primarily in global resource securities. Income is a secondary consideration. | VanEck VIP Global Resources Fund Class S ; Van Eck Associates Corporation | 1.36% | -3.84% | 10.34% | -1.26% |
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.
2As of April 26, 2024, the denoted Funds were merged from American Century Variable Portfolios, Inc. (“ACVP”) and American Century Variable Portfolios II, Inc. (“ACVP II”) into a substantially similar series and class of Lincoln Variable Insurance Products Trust (“LVIPT”). The historical performance values shown in the Fund Appendix have been carried over from the corresponding ACVP and ACVP II Funds which were merged into the denoted LVIPT Funds.
LIVING BENEFIT INVESTMENT ALLOCATION REQUIREMENTS
Investment Allocation Requirements
At initial purchase and during the entire time that you own an optional living benefit Rider, you must allocate your entire Contract Value to an asset allocation program or Investment Options we make available for these Riders. You may allocate your Contract Value according to the following requirements:
· 100% to one allowable Asset Allocation Model, or
· 100% among allowable Investment Options.
You may also use the DCA Plus program to transfer amounts to an Asset Allocation Model or among the Investment Options listed below. Currently, the allowable Asset Allocation Models and Investment Options are as follows:
Allowable Asset Allocation Models | |
Custom Model2 | |
Allowable Investment Options | |
American Funds IS Asset Allocation Fund | Janus Henderson Balanced Portfolio |
American Funds IS Managed Risk Asset Allocation Fund | MFS Total Return Series |
BlackRock Global Allocation V.I. Fund | Pacific Dynamix – Conservative Growth Portfolio |
PSF Avantis Balanced Allocation Portfolio | Pacific Dynamix – Moderate Growth Portfolio |
PSF ESG Diversified Portfolio | Pacific Dynamix – Growth Portfolio2 |
Fidelity® VIP FundsManager 60% Portfolio | Portfolio Optimization Conservative Portfolio |
First Trust/Dow Jones Dividend & Income Allocation Portfolio | Portfolio Optimization Moderate-Conservative Portfolio |
Franklin Allocation VIP Fund | Portfolio Optimization Moderate Portfolio |
PSF Hedged Equity Portfolio | Portfolio Optimization Growth Portfolio2 |
Invesco V.I. Balanced-Risk Allocation Fund Macquarie VIP Asset Strategy | Portfolio Optimization Aggressive-Growth Portfolio1 |
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1 Only available for optional living benefit riders with a Rider Effective Date before January 1, 2009.
2 Only available for optional living benefit riders with a Rider Effective Date before May 1, 2012.
You may transfer your entire Contract Value between an allowable asset allocation model and allowable Investment Options, subject to certain transfer limitations and availability. See HOW YOUR PURCHASE PAYMENTS ARE ALLOCATED – Transfers and Market-timing Restrictions. Keep in mind that you must allocate your entire Contract Value to either one allowable asset allocation model or among the allowable Investment Options. If you do not allocate your entire Purchase Payment or Contract Value according to the requirements above, your Rider will terminate.
Allowable Asset Allocation Models – Custom Model. You may also make transfers between the Investment Options available under the Custom Model program as long as you follow the Custom Model parameters. However, if you make transfers, subsequent Purchase Payments or change the allocation percentages within your Custom Model and they do not comply with the Custom Model parameters, you will no longer be participating in the Custom Model program and your Rider will terminate. See HOW YOUR PURCHASE PAYMENTS ARE ALLOCATED – Custom Model for information about the program.
Allowable Investment Options. You may allocate your entire Contract Value among any of the allowable Investment Options listed in the table above.
By adding an optional living benefit Rider to your Contract, you agree to the above referenced investment allocation requirements for the entire period that you own a Rider. These requirements may limit the number of Investment Options that are otherwise available to you under your Contract.
We reserve the right to add or remove allowable asset allocation programs or allowable Investment Options at any time. We may make such a change due to a fund reorganization, fund liquidation, and fund substitution, to help protect our ability to provide the guarantees under these riders (for example, changes in an underlying fund’s investment objective and principal investment strategies, or changes in general market conditions). If you already invested in an allowable Investment Option, a change to an existing allowable Investment Option will not require you to reallocate or transfer the total amount of Contract Value allocated to an affected Investment Option, except when an underlying fund is liquidated by a determination of its Board of Directors or by a fund substitution. If a change is required as a result of a fund liquidation or fund substitution that will result in a reallocation or transfer of an existing Investment Option, we will provide you with reasonable notice (generally 90 calendar days) prior to the effective date of such change to allow you to reallocate your Contract Value to maintain your rider benefits. If you do not reallocate your Contract Value your rider will terminate.
We will send you written notice in the event any transaction made by you will involuntarily cause the rider to terminate for failure to invest according to the investment allocation requirements. However, you will have 10 Business Days starting from the date of our written notice (“10 day period”), to instruct us to take appropriate corrective action to continue participation in an allowable asset allocation program or allowable Investment Options to continue the rider. If you take appropriate corrective action and continue the rider, the rider benefits and features available immediately before the terminating event will remain in effect.
Our right to add or remove allowable Investment Options, may limit the number of Investment Options that are available to you under your Contract in the future. We have the right to significantly reduce the number of allowable Investment Options even to a single conservative Investment Option. Please discuss with your financial professional if this Contract is appropriate for you given our right to make changes to the allowable Investment Options.
Certain of the asset allocation portfolios that are allowable Investment Options, including the Pacific Select Fund asset allocation portfolios, may use futures and options to reduce the portfolios’ equity exposure during periods when market indicators suggest high market volatility. This strategy is designed to reduce the risk of market losses from investing in equity securities. However, this strategy may result in periods of underperformance, including periods when specified benchmark indexes are appreciating but market volatility is high. As a result, your Contract Value may increase less than it would have without these defensive actions.
The allowable Investment Options seek to minimize risk and may reduce overall volatility in investment performance, which may reduce investment returns, and may reduce the likelihood that we will be required to provide benefits under the optional benefit Rider. The reduction in volatility permits us to more effectively provide the guarantees under the Contract.
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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: C000062185
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