Supplement dated May
8, 2024, to the Statutory Prospectus and Initial Summary Prospectus dated May 1, 2024, for the
Schwab Retirement Income Variable Annuity individual flexible premium annuity contract
issued by Pacific Life Insurance Company
Capitalized terms used in this supplement are defined in the Schwab Retirement Income Variable Annuity contract statutory prospectus (“Prospectus”) unless otherwise defined herein. ‘‘We,’’ ‘‘us,’’ or ‘‘our’’ refer to Pacific Life Insurance Company; ‘‘you’’ or ‘‘your’’ refer to the Contract Owner.
This Rate Sheet Prospectus Supplement (“Supplement”) should be read, retained, and used in conjunction with the effective Prospectus and replaces and supersedes any previously issued Rate Sheet Supplement. If you would like another copy of a current prospectus, you may obtain one by visiting PacificLife.com/Prospectuses or by calling us at (800) 722-4448 to request a free copy. All Rate Sheet Prospectus Supplements are also available on the EDGAR system at www.sec.gov by typing “Schwab Retirement Income Variable Annuity” under EDGAR Search Tools - Variable Insurance Products.
We are issuing this Supplement to update the Ongoing Fees and Expenses (annual charges) for the Contract provided in the “IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT” section of the Initial Summary Prospectus, taking into account the current fees for the optional benefits disclosed in this Rate Sheet Prospectus Supplement.
This Rate Sheet Supplement also provides current rate information for the Annual Charge, Annual Credit, and Withdrawal Percentages for the Future Income Generator (Single) or (Joint) optional riders in effect on or after the date below. For complete information about the Future Income Generator (Single) or (Joint), see the Prospectus.
The percentages below apply for applications signed on or after May 1, 2024.
This Supplement has no specified end date and can be superseded at any time subject to certain notice requirements. The rate information in this Supplement may not be superseded or changed until a new Supplement is filed at least 10 business days before the effective date of the new Supplement. Please work with your Schwab investment professional, visit www.PacificLife.com or call us at (800) 722-4448 to confirm the most current percentages.
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
| 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.
| ||
| ANNUAL FEES | MINIMUM | MAXIMUM | |
| 1. Base Contract | 0.60%1 | 0.60%1 | |
| 2. Investment Options (Fund fees and expenses) | 0.55%2 | 0.57%2 | |
| 3. Optional Benefits (for a single optional benefit, if elected) | 0.20%3 | 1.55%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. | |||
| Lowest Annual Cost: $1,062.88 | Highest Annual Cost: $2,544.92 | ||
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 |
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 additional purchase payments, transfers, or withdrawals ● No loans or loan interest charges |
● 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 (for an optional living benefit) and average daily Variable Account Value (for an optional death benefit).
The current Annual Charge and Annual Credit are the following:
| Rider Name | Annual Charge Percentage | Annual Credit Percentage |
| Future Income Generator (Single) | 1.45% | 7.0% |
| Future Income Generator (Joint) | 1.55% | 7.0% |
The current Withdrawal Percentages are the following:
| Age* | Future Income Generator (Single) |
Future Income Generator (Joint) |
| Before 59½ | 0% | 0% |
| 59½ | 4.35% | 3.85% |
| 60 | 4.35% | 3.85% |
| 61 | 4.35% | 3.85% |
| 62 | 4.35% | 3.85% |
| 63 | 4.35% | 3.85% |
| 64 | 4.35% | 3.85% |
| 65 | 5.70% | 5.10% |
| 66 | 5.70% | 5.10% |
| 67 | 5.70% | 5.10% |
| 68 | 5.70% | 5.10% |
| 69 | 5.70% | 5.10% |
| 70 | 5.70% | 5.10% |
| 71 | 5.70% | 5.10% |
| 72 | 5.70% | 5.10% |
| 73 | 5.70% | 5.10% |
| 74 | 5.70% | 5.10% |
| 75 | 5.95% | 5.35% |
| 76 | 5.95% | 5.35% |
| 77 | 5.95% | 5.35% |
| 78 | 5.95% | 5.35% |
| 79 | 5.95% | 5.35% |
| 80 | 5.95% | 5.35% |
| 81 | 5.95% | 5.35% |
| Age* | Future Income Generator (Single) |
Future Income Generator (Joint) |
| 82 | 5.95% | 5.35% |
| 83 | 5.95% | 5.35% |
| 84 | 5.95% | 5.35% |
| 85 and older | 5.95% | 5.35% |
* The Age range that applies is based on the age of the Designated Life (Single) or the youngest Designated Life (Joint) at the time of the first withdrawal after age 59½ or the first withdrawal after an Automatic or Owner-Elected Reset occurs.
In order for you to receive the percentages reflected above, your application must be signed on or after the date referenced above, your application must be received, In Proper Form, within 14 calendar days after the application sign date, and we must receive, In Proper Form, the initial Purchase Payment within 60 calendar days after the application sign date. Once the Rider is issued, your percentages will not change as long as you own the Rider (even if an Automatic Reset or Owner-Elected Reset occurs as described in the Reset of Protected Payment Base subsection within each Rider).
Subject to meeting the timelines referenced above, on the issue date, if during the 60 calendar day period current percentage rates have changed since the date you signed your application, the following will apply:
| ● | If the Annual Credit Percentage increased, you will receive the higher percentage in effect on the issue date. |
| ● | If any Withdrawal Percentage increased, you will receive the higher percentages in effect on the issue date. |
| ● | If the Annual Charge Percentage decreased, you will receive the lower percentage in effect on your issue date. |
However, if the Annual Credit and/or any Withdrawal Percentage decreased, or the Annual Charge Percentage increased, you will receive the Annual Credit, Withdrawal and Annual Charge Percentages in effect on the date you signed your application.
If the necessary paperwork and initial Purchase Payment are not received within the timeframes stated above, you will receive the applicable percentages in effect as of the Contract issue date.
If you purchased a Rider, review the Rate Sheet Prospectus Supplement provided to you at Contract issue, review the Rider specifications page you receive for your Contract, speak with your Schwab investment professional, or call us to confirm the percentages applicable to you.
Please work with your Schwab investment professional or call us at (800) 722-4448 prior to submitting your paperwork if you have any questions.
Form No. SRIVARS0524
Supplement dated May
8, 2024, to the Initial Summary Prospectus dated May 1, 2024, for the Schwab
Retirement Income Variable Annuity individual flexible premium
annuity
contracts issued by Pacific Life Insurance Company and Pacific Life & Annuity Company
The purpose of this supplement is to update certain changes to fees, expenses, examples, and underlying fund information. This supplement must be preceded or accompanied by the Initial Summary Prospectus (the “Prospectus”) for your Contract, as supplemented. Capitalized terms used in this supplement are defined in the Schwab Retirement Income Variable Annuity Prospectus unless otherwise defined herein. "We'', "us'', or "our" refer to Pacific Life Insurance Company or Pacific Life & Annuity Company, as applicable; "you" or "your" refer to the Contract Owner. You can obtain a copy of the current Prospectus by contacting us at (800) 722-4448, or (800) 748-6907 for New York contracts, or online at http://www.PacificLife.com/Prospectuses. Please retain this supplement for future reference.
Effective May 1, 2024, the ANNUAL FEES table under IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT will be deleted and replaced with the following:
| ANNUAL FEES | MINIMUM | MAXIMUM |
| 1. Base Contract | 0.60%1 | 0.60%1 |
| 2. Investment Options (Fund fees and expenses) | 0.55%2 | 0.57%2 |
| 3. Optional Benefits (for a single optional benefit, if elected) | See Rate Sheet Prospectus Supplement3 |
See Rate Sheet Prospectus Supplement3 |
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 (for an optional living benefit) and average daily Variable Account Value (for an optional death benefit).
Effective May 1, 2024, the Minimum and Maximum operating expense under Annual Fund Expenses and associated Examples will be deleted and replaced with the following:
Annual Fund Expenses
| Minimum | Maximum | |
| Expenses that are deducted from fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses. | 0.55% | 0.57% |
Examples
| ● | If you surrendered or annuitized your Contract at the end of the applicable time period, or left your money in your Contract: |
| 1 Year | 3 Years | 5 Years | 10 Years |
| $3,942 | $12,442 | $21,747 | $48,435 |
Effective May 1, 2024, the underlying fund information related to the Current Expenses in the APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT section will be deleted and replaced with the following:
| Fund; Advisor (Subadvisor) | Current Expenses |
| Schwab VIT Balanced Portfolio; Charles Schwab Investment Management, Inc. | 0.57% |
| Schwab VIT Balanced with Growth Portfolio; Charles Schwab Investment Management, Inc. | 0.55% |
Form No. SRIVISP0524
NYSRIVISP0524