Pacific Expedition^® 2

A Deferred Fixed Annuity

Pacific Expedition 2 offers certainty through rates that are guaranteed for the entire withdrawal charge period and an optional guarantee return of premium. There is no annual contract, mortality and expense, or administrative fees.

Product and features may vary by state and firm availability. Please select from the following list of states that have approved Pacific Expedition 2:

Client Profiles

Consider Pacific Expedition 2 for:

Conservative clients age 55 or older.
Savers interested in steady growth potential without market risk.

Key Features

Rates Guaranteed for the Initial Guaranteed Period

Choice of:

3 years
5 years
7 years

Product features may vary by state and firm availability.

Guaranteed Return of Premium (optional feature available only at issue)¹

Upon a full withdrawal, your client will receive an amount at least equal to:

Total purchase payments, minus prior partial withdrawals including any withdrawal charges on those prior partial withdrawals.

If no partial withdrawals are taken prior to the full withdrawal, then your client will always receive an amount at least equal to the total purchase payments. Election of this optional benefit may result in a lower initial guaranteed rate in the contract than had your client not elected this benefit.

Non-Guaranteed Return of Premium

Upon a full withdrawal, your client will receive an amount equal to:

The contract value, minus any applicable withdrawal charges.

Additional Information

Withdrawal Charges and Fees

The initial guaranteed periods correspond to the withdrawal charge schedule. Withdrawal charges apply only during the initial guaranteed period when the amounts taken are more than those discussed in the "Withdrawals without Charge" section below.

3 Years

Contract Year	1	2	3
Charge per Withdrawal	8%	8%	7%

5 Years

Contract Year	1	2	3	4	5
Charge per Withdrawal	8%	8%	7%	7%	6%

7 Years

Contract Year	1	2	3	4	5	6	7
Charge per Withdrawal	8%	8%	7%	7%	6%	5%	4%

Product features may vary by state and firm availability.

Withdrawals without Charge

Withdrawals are permitted 30 days after contract issue. In the first contract year, 10% of the total purchase payments may be withdrawn without charge. For each subsequent contract year, 10% of the contract value as of the prior contract anniversary may be withdrawn without charge.

In addition, withdrawal charges will be waived for:

Required minimum distribution (RMD) withdrawals (if calculated by Pacific Life).
Withdrawals after the first contract year if diagnosed with a terminal illness (life expectancy of 12 months or fewer).
Withdrawals after the first 90 days if confined to an accredited nursing home for 30 days, as long as not confined when the contract is issued.
Death benefit proceeds.
Annuity income payments (available one year after contract issue).

The interest rate credited on the initial purchase payment is guaranteed for the duration of the initial guaranteed period selected. Only one period may be selected per contract. After the initial guaranteed period expires, and on all subsequent contract anniversaries, a renewal rate will be declared by Pacific Life and is guaranteed for one contract year. The renewal rate will never be lower than the minimum guaranteed interest rate stated in the contract.²

The initial interest rate credited will depend on the total of all purchase payments received at issue.

The breakpoints are:

Less than $100,000
$100,000 and more

If a purchase payment received after issue causes the amount of the total purchase payments (minus withdrawals) to exceed the current breakpoint, the crediting rate may be increased.

Clients may convert the contract to annuity income payments one year after contract issue.

Annuity Income Options Available:

Period Certain Option

5-30 years³

Single Life Options

Life Only
Life with Period Certain (5–30 years³)
Life with Cash Refund
Life with Installment Refund⁴

Joint Life Options⁵

Joint Life with Period Certain (5-30 years³)
Joint Life with Cash Refund
Joint Life with Installment Refund⁴

Joint and Survivor Life Options⁵

Joint and Survivor Life Only

Income payments can be reduced to 50% or 67% of the current income payment upon the death of the primary annuitant.

Type
Fixed annuitization only.
Partial annuitization is not available.

Frequency
Monthly, quarterly, semiannually, annually

Minimum Annuity Income Payment Amount
$20

Death Benefit

If death occurs before annuity income payments begin, a death benefit equal to the contract value is paid at the death of the first owner or the last annuitant.

Fixed Annuity Rates & Resources

Pacific Expedition 2 Client Guide

Pacific Expedition 2 Fact Sheet

Pacific Expedition 2 Fact Sheet for New York

Pacific Expedition 2 State Approval Grid

Fixed Annuity Rates

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. They are not backed by the independent third party from which this annuity is purchased, including the broker/dealer, 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.

¹If withdrawal charges are paid on partial withdrawals, the Guaranteed Return of Premium will be decreased.

²Pacific Life determines, at its discretion, annual interest rates in excess of the stated minimum guarantee in the contract.

³For qualified contracts, the maximum length of time for the Period Certain options may not exceed 10 years, if necessary, to comply with required minimum distribution (RMD) regulations for annuities stipulated in the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

⁴Not available on qualified contracts.

⁵For qualified contracts, the Joint Life options require that the joint annuitant be a spouse or an individual older than or no more than 10 years younger than the primary annuitant.

Broker/dealer and state variations may apply. Contact your broker/dealer for availability.

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.

No guaranteed rate will be less than the minimum guaranteed rate stated in the contract. Pacific Life determines, at its discretion, annual interest rates in excess of the stated minimum guarantee in the contract.

Pacific Expedition 2 is named “Individual Limited Premium Deferred Annuity Contract” in the contract. Guaranteed Return of Premium is named “Purchase Payment Guarantee” in the contract.

Pacific Expedition 2 (contract form series 30-2339-A), including the rider (rider series 20-2339), are issued by Pacific Life & Annuity Company. Contract form series and rider series may vary by state.

24-298B

FAQ0541-0125

1/25 E128

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