All guarantees under the Schwab Retirement Income Variable Annuity are subject to the financial health and claims-paying ability of Pacific Life, not Schwab.The Guaranteed Lifetime Withdrawal Benefit (GLWB) is an optional rider available for an additional cost. The protected payment base is not a contract value and is not available for withdrawal like a cash value. Your actual contract value and death benefit will deplete with each withdrawal, though you may continue to withdraw the specified annual protected amount for life, even after the account value has been depleted to zero. Withdrawals in excess of the annual protected payment amount may permanently reduce the protected payment base. Variable annuities are long-term investment vehicles designed for retirement purposes and offer tax deferral on potential growth; however, withdrawals prior to age 59½ may be subject to a 10% Federal tax penalty in addition to applicable income taxes. Variable annuities are also subject to a number of fees including mortality and risk expense charges, administrative fees, premium taxes, investment management fees, and charges for additional optional features. Although there are no surrender charges on the variable annuities offered by Schwab, such charges do apply in the early years of many contracts The Schwab Retirement Income Variable annuity is issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. The contracts are 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 Insurance Company or Pacific Life and Pacific Life & Annuity Company.