Separate Account A of Pacific Life & Annuity Company has filed a significant update to its variable annuity contracts, reflecting changes in underlying fund management and current expenses. This development is crucial for investors and contract owners as it outlines adjustments that may affect their investment strategies and financial planning.
Pacific Life & Annuity Company, based in Newport Beach, California, operates under the investment sector. The company is known for its variable annuity products, which are designed to provide long-term investment options with various underlying funds. The recent filing, dated October 21, 2026, includes a series of updates that highlight changes in fund management and expense structures.
The filing states, "The purpose of this supplement is to announce various underlying fund changes." This includes the deletion of existing fund information and the introduction of new expense details. Effective November 1, 2026, the appendix detailing available funds under the contract will be amended, indicating a shift in the underlying fund information related to current expenses.
Notably, the subadvisor for the Pacific Select Fund International Small-Cap will change from FIAM LLC to Wellington Management Company LLP. This change may influence how the fund is managed and could affect performance metrics, which are crucial for investors. Additionally, Citigroup Global Markets, Inc. has removed specific maximum issue age restrictions for contract issuance, potentially broadening access to these variable annuity products.
This update may impact various stakeholders, including contract owners who rely on these annuities for retirement planning and financial intermediaries who facilitate the sale of these products. The changes in fund management and expenses could lead to adjustments in investment strategies and client recommendations across the industry.
Looking ahead, the filing does not specify any further actions or upcoming votes related to these changes. However, stakeholders are encouraged to review the updated prospectus for complete details on the new fund structures and expense management strategies.