Pacific Life & Annuity Company has made important updates to its variable annuity contracts, as detailed in a recent SEC filing. This update, filed on October 21, 2026, is significant for policyholders and the investment landscape, as it introduces changes to the underlying funds associated with these contracts.
The updates include modifications to the investment options available under the contracts, which are designed to enhance the performance and transparency of the funds. The filing indicates that effective November 1, 2026, the underlying fund information related to the Current Expenses will be amended, reflecting changes in the management of these funds.
Background
Separate Account A of Pacific Life & Annuity Company operates as an investment entity based in Newport Beach, California. The company, which was previously known as Separate Account A of PM Group Life Insurance Company until a name change in 1998, is registered under the Central Index Key (CIK) 0001074486. The company focuses on providing variable annuity products, which are essential for retirement planning and investment diversification.
What the Filing Says
The SEC filing states, "The purpose of this supplement is to announce various underlying fund changes." It also highlights that the Subadvisor for the Pacific Select Fund International Small-Cap will change from FIAM LLC to Wellington Management Company LLP. Additionally, it notes that Citigroup Global Markets, Inc. will no longer impose specific maximum issue age restrictions for contract issuance or the election of optional benefits.
Impact
This update may significantly affect current and prospective policyholders of Pacific Life & Annuity's variable annuity contracts. By changing the underlying funds and their management, the company aims to improve investment performance and reduce expenses, which can enhance the overall value of the contracts for customers. The changes may also prompt competitors in the variable annuity market to reassess their offerings and strategies in response to Pacific Life's enhancements.
What's Next
The filing does not specify what happens next, but policyholders are encouraged to review the updated prospectus and consult with their financial advisors to understand how these changes may impact their investments.