<PAGE>
As filed with the Securities and Exchange Commission on June 18, 1999
Registration No. 33-88460
811-8946
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [_]
Pre-Effective Amendment No. [_]
Post Effective Amendment No. 5 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [_]
Amendment No. 6 [X]
(Check appropriate box or boxes)
SEPARATE ACCOUNT A
(Exact Name of Registrant)
PACIFIC LIFE INSURANCE COMPANY
(Name of Depositor)
700 Newport Center Drive
Newport Beach, California 92660
(Address of Depositor's Principal Executive Offices) (Zip Code)
(949) 725-6767
(Depositor's Telephone Number, including Area Code)
Diane N. Ledger
Vice President of
Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, California 92660
(Name and address of agent for service)
Copies of all communications to:
Diane N. Ledger Jane A. Kanter, Esq.
Pacific Life Insurance Company Dechert Price & Rhoads
P. O. Box 9000 1775 Eye Street, N.W.
Newport Beach, CA 92658-9030 Washington, D.C. 20006-2401
Approximate Date of Proposed Public Offering_______________________________
It is proposed that this filing will become effective (check appropriate box)
[_] immediately upon filing pursuant to paragraph (b) of Rule 485
[_] on pursuant to paragraph (b) of Rule 485
[X] 60 days after filing pursuant to paragraph (a)(1) of Rule 485
[_] on (date) pursuant to paragraph (a)(1) of Rule 485
If appropriate, check the following box:
[_] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Title of Securities being registered: interests in the Separate Account under
Pacific Portfolios individual flexible premium variable annuity contracts.
Filing Fee: None
<PAGE>
PROSPECTUS
(Included in Post-Effective Amendment No. 5 to the Registrant's Registration
Statement on Form N-4, Accession No. 0001017062-99-000659, filed on April 15,
1999, and incorporated by reference herein.)
<PAGE>
STATEMENT OF ADDITIONAL INFORMATION
(Included in Post-Effective Amendment No. 5 to the Registrant's Registration
Statement on Form N-4, Accession No. 0001017062-99-000659, filed on April 15,
1999, and incorporated by reference herein.)
<PAGE>
Supplement dated , 1999 to Prospectus dated May 1, 1999
for the Pacific Portfolios Variable Annuity
Issued by Pacific Life Insurance Company ("Prospectus")
Capitalized terms used in this Supplement are defined in the Prospectus
referred to above unless otherwise defined herein. "We," "us", or "our" refer
to Pacific Life Insurance Company; "you" or "your" refer to the Contract Owner.
This Supplement which amends the Prospectus describes the optional Guaranteed
Income Advantage Rider ("GIA Rider").
The AN OVERVIEW OF PACIFIC PORTFOLIOS section is amended as follows:
Guaranteed Income Advantage Rider (Optional)
The Guaranteed Income Advantage Rider ("GIA Rider") offers a guaranteed income
advantage annuity option. You may buy the GIA Rider on the Contract Date or on
any Contract Anniversary. The GIA Rider is not available in all states. Ask
your registered representative about its current availability status in your
state of residence.
The expense table under Contract Expenses has been revised by adding:
<TABLE>
<S> <C>
Guaranteed Income Advantage Rider Charge,
calculated as a percentage of Contract Value/7/ 0.30%
</TABLE>
/7/ If you buy the Guaranteed Income Advantage Rider ("GIA Rider"), which is
subject to state availability, we deduct this charge on each Contract
Anniversary date and the Annuity Date, and when you make a full withdrawal, if
the GIA Rider is in effect on that date, or when you terminate the GIA Rider.
The information under Examples has been revised as follows:
The following table shows the expenses you would pay on each $1,000 you
invested if, at the end of each period, you: annuitized your Contract;
surrendered your Contract and withdrew the Contract Value, or did not annuitize
or surrender, but left the money in your Contract.
These examples assume the following:
. the Contract Value starts at $45,000
. the Investment Options have an annual return of 5%
. the Annual Fee is deducted even when the Contract Value goes over $50,000 and
a waiver would normally apply.
without EGMDBR and GIA Rider reflects the expenses you would pay if you did not
buy the optional Enhanced Guaranteed Minimum Death Benefit Rider ("EGMDBR") and
the Guaranteed Income Advantage ("GIA") Rider.
with EGMDBR reflects the expenses you would pay if you bought the optional
Enhanced Guaranteed Minimum Death Benefit Rider, but not the GIA Rider. These
expenses depend on the age of the youngest Annuitant on the Contract Date.
<PAGE>
with GIA Rider reflects the expenses you would pay if you bought the optional
Guaranteed Income Advantage Rider, but not the Enhanced Guaranteed Minimum
Death Benefit Rider.
with EGMDBR and GIA Rider reflects the expenses you would pay if you bought the
optional Enhanced Guaranteed Minimum Death Benefit Rider and the Guaranteed
Income Advantage Rider.
These examples do not show past or future expenses. Your actual expenses in any
year may be more or less than those shown here.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Expenses if you did
not annuitize or
Expenses if you Expenses if you surrender, but left
annuitized surrendered the money in your
your Contract ($) your Contract ($) Contract ($)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Variable Account 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr
- --------------------------------------------------------------------------------------
Money Market
without EGMDBR and GIA
Rider 82 60 103 222 82 114 130 222 19 60 103 222
with EGMDBR: age 0-65 83 63 108 233 83 117 135 233 20 63 108 233
with EGMDBR: age 66-75 86 69 119 254 86 123 146 254 23 69 119 254
with GIA Rider 86 69 119 254 86 123 146 254 23 69 119 254
with EGMDBR and GIA
Rider: age 0-65 87 72 124 264 87 126 151 264 24 72 124 264
with EGMDBR and GIA
Rider: age 66-75 89 79 134 285 89 133 161 285 26 79 134 285
- --------------------------------------------------------------------------------------
High Yield Bond
without EGMDBR and GIA
Rider 85 67 115 247 85 121 142 247 22 67 115 247
with EGMDBR: age 0-65 86 70 120 257 86 124 147 257 23 70 120 257
with EGMDBR: age 66-75 88 76 130 277 88 130 157 277 25 76 130 277
with GIA Rider 88 76 130 277 88 130 157 277 25 76 130 277
with EGMDBR and GIA
Rider: age 0-65 89 79 135 287 89 133 162 287 26 79 135 287
with EGMDBR and GIA
Rider: age 66-75 91 85 145 307 91 139 172 307 28 85 145 307
- --------------------------------------------------------------------------------------
Managed Bond
without EGMDBR and GIA
Rider 85 67 115 247 85 121 142 247 22 67 115 247
with EGMDBR: age 0-65 86 70 120 257 86 124 147 257 23 70 120 257
with EGMDBR: age 66-75 88 76 130 277 88 130 157 277 25 76 130 277
with GIA Rider 88 76 130 277 88 130 157 277 25 76 130 277
with EGMDBR and GIA
Rider: age 0-65 89 79 135 287 89 133 162 287 26 79 135 287
with EGMDBR and GIA
Rider: age 66-75 91 85 145 307 91 139 172 307 28 85 145 307
- --------------------------------------------------------------------------------------
Government Securities
without EGMDBR and GIA
Rider 85 67 115 247 85 121 142 247 22 67 115 247
with EGMDBR: age 0-65 86 70 120 257 86 124 147 257 23 70 120 257
with EGMDBR: age 66-75 88 76 130 277 88 130 157 277 25 76 130 277
with GIA Rider 88 76 130 277 88 130 157 277 25 76 130 277
with EGMDBR and GIA
Rider: age 0-65 89 79 135 287 89 133 162 287 26 79 135 287
with EGMDBR and GIA
Rider: age 66-75 91 85 145 307 91 139 172 307 28 85 145 307
- --------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------------
<CAPTION>
Expenses if you did
not annuitize or
Expenses if you Expenses if you surrender, but left
annuitized surrendered the money in your
your Contract ($) your Contract ($) Contract ($)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Variable Account 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr
- --------------------------------------------------------------------------------------
Aggressive Equity
without EGMDBR and GIA
Rider 87 74 127 270 87 128 154 270 24 74 127 270
with EGMDBR: age 0-65 88 77 132 280 88 131 159 280 25 77 132 280
with EGMDBR: age 66-75 90 83 142 300 90 137 169 300 27 83 142 300
with GIA Rider 90 83 142 300 90 137 169 300 27 83 142 300
with EGMDBR and GIA
Rider: age 0-65 91 86 147 310 91 140 174 310 28 86 147 310
with EGMDBR and GIA
Rider: age 66-75 93 92 157 329 93 146 184 329 30 92 157 329
- --------------------------------------------------------------------------------------
Growth LT
without EGMDBR and GIA
Rider 86 71 122 261 86 125 149 261 23 71 122 261
with EGMDBR: age 0-65 87 74 127 271 87 128 154 271 24 74 127 271
with EGMDBR: age 66-75 89 80 137 291 89 134 164 291 26 80 137 291
with GIA Rider 89 80 137 291 89 134 164 291 26 80 137 291
with EGMDBR and GIA
Rider: age 0-65 90 84 142 301 90 138 169 301 27 84 142 301
with EGMDBR and GIA
Rider: age 66-75 92 90 152 321 92 144 179 321 29 90 152 321
- --------------------------------------------------------------------------------------
Equity Income
without EGMDBR and GIA
Rider 85 68 117 251 85 122 144 251 22 68 117 251
with EGMDBR: age 0-65 86 71 122 261 86 125 149 261 23 71 122 261
with EGMDBR: age 66-75 88 77 132 281 88 131 159 281 25 77 132 281
with GIA Rider 88 77 132 281 88 131 159 281 25 77 132 281
with EGMDBR and GIA
Rider: age 0-65 89 81 137 291 89 135 164 291 26 81 137 291
with EGMDBR and GIA
Rider: age 66-75 91 87 147 311 91 141 174 311 28 87 147 311
- --------------------------------------------------------------------------------------
Multi-Strategy
without EGMDBR and GIA
Rider 85 69 118 252 85 123 145 252 22 69 118 252
with EGMDBR: age 0-65 86 72 123 262 86 126 150 262 23 72 123 262
with EGMDBR: age 66-75 88 78 133 282 88 132 160 282 25 78 133 282
with GIA Rider 88 78 133 282 88 132 160 282 25 78 133 282
with EGMDBR and GIA
Rider: age 0-65 89 81 138 292 89 135 165 292 26 81 138 292
with EGMDBR and GIA
Rider: age 66-75 91 87 148 312 91 141 175 312 28 87 148 312
- --------------------------------------------------------------------------------------
Large-Cap Value
without EGMDBR and GIA
Rider 87 75 128 272 87 129 155 272 24 75 128 272
with EGMDBR: age 0-65 88 78 133 282 88 132 160 282 25 78 133 282
with EGMDBR: age 66-75 90 84 143 302 90 138 170 302 27 84 143 302
with GIA Rider 90 84 143 302 90 138 170 302 27 84 143 302
with EGMDBR and GIA
Rider: age 0-65 91 87 148 312 91 141 175 312 28 87 148 312
with EGMDBR and GIA
Rider: age 66-75 93 93 158 331 93 147 185 331 30 93 158 331
- --------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Expenses if you did
not annuitize or
Expenses if you Expenses if you surrender, but left
annuitized surrendered the money in your
your Contract ($) your Contract ($) Contract ($)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Variable Account 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr
- --------------------------------------------------------------------------------------
Mid-Cap Value
without EGMDBR and GIA
Rider 87 75 128 272 87 129 155 272 24 75 128 272
with EGMDBR: age 0-65 88 78 133 282 88 132 160 282 25 78 133 282
with EGMDBR: age 66-75 90 84 143 302 90 138 170 302 27 84 143 302
with GIA Rider 90 84 143 302 90 138 170 302 27 84 143 302
with EGMDBR and GIA
Rider: age 0-65 91 87 148 312 91 141 175 312 28 87 148 312
with EGMDBR and GIA
Rider: age 66-75 93 93 158 331 93 147 185 331 30 93 158 331
- --------------------------------------------------------------------------------------
Equity
without EGMDBR and GIA
Rider 85 69 118 252 85 123 145 252 22 69 118 252
with EGMDBR: age 0-65 86 72 123 262 86 126 150 262 23 72 123 262
with EGMDBR: age 66-75 88 78 133 282 88 132 160 282 25 78 133 282
with GIA Rider 88 78 133 282 88 132 160 282 25 78 133 282
with EGMDBR and GIA
Rider: age 0-65 89 81 138 292 89 135 165 292 26 81 138 292
with EGMDBR and GIA
Rider: age 66-75 91 87 148 312 91 141 175 312 28 87 148 312
- --------------------------------------------------------------------------------------
Bond and Income
without EGMDBR and GIA
Rider 85 68 117 251 85 122 144 251 22 68 117 251
with EGMDBR: age 0-65 86 71 122 261 86 125 149 261 23 71 122 261
with EGMDBR: age 66-75 88 77 132 281 88 131 159 281 25 77 132 281
with GIA Rider 88 77 132 281 88 131 159 281 25 77 132 281
with EGMDBR and GIA
Rider: age 0-65 89 81 137 291 89 135 164 291 26 81 137 291
with EGMDBR and GIA
Rider: age 66-75 91 87 147 311 91 141 174 311 28 87 147 311
- --------------------------------------------------------------------------------------
Equity Index
without EGMDBR and GIA
Rider 80 53 92 199 80 107 119 199 17 53 92 199
with EGMDBR: age 0-65 81 56 97 210 81 110 124 210 18 56 97 210
with EGMDBR: age 66-75 83 63 107 231 83 117 134 231 20 63 107 231
with GIA Rider 83 63 107 231 83 117 134 231 20 63 107 231
with EGMDBR and GIA
Rider: age 0-65 84 66 113 242 84 120 140 242 21 66 113 242
with EGMDBR and GIA
Rider: age 66-75 86 72 123 263 86 126 150 263 23 72 123 263
- --------------------------------------------------------------------------------------
Small-Cap Index
without EGMDBR and GIA
Rider 84 64 110 236 84 118 137 236 21 64 110 236
with EGMDBR: age 0-65 85 67 115 247 85 121 142 247 22 67 115 247
with EGMDBR: age 66-75 87 73 125 267 87 127 152 267 24 73 125 267
with GIA Rider 87 73 125 267 87 127 152 267 24 73 125 267
with EGMDBR and GIA
Rider: age 0-65 88 76 130 277 88 130 157 277 25 76 130 277
with EGMDBR and GIA
Rider: age 66-75 90 82 140 298 90 136 167 298 27 82 140 298
- --------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------------
<CAPTION>
Expenses if you did
not annuitize or
Expenses if you Expenses if you surrender, but left
annuitized your surrendered the money in your
Contract ($) your Contract ($) Contract ($)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Variable Account 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr 1 yr 3 yr 5 yr 10 yr
- --------------------------------------------------------------------------------------
REIT
without EGMDBR and GIA
Rider 90 82 140 297 90 136 167 297 27 82 140 297
with EGMDBR: age 0-65 91 85 145 307 91 139 172 307 28 85 145 307
with EGMDBR: age 66-75 93 91 155 326 93 145 182 326 30 91 155 326
with GIA Rider 93 91 155 326 93 145 182 326 30 91 155 326
with EGMDBR and GIA
Rider: age 0-65 94 94 160 336 94 148 187 336 31 94 160 336
with EGMDBR and GIA
Rider: age 66-75 96 100 170 354 96 154 197 354 33 100 170 354
- --------------------------------------------------------------------------------------
International
without EGMDBR and GIA
Rider 88 77 132 281 88 131 159 281 25 77 132 281
with EGMDBR: age 0-65 89 80 137 291 89 134 164 291 26 80 137 291
with EGMDBR: age 66-75 91 86 147 311 91 140 174 311 28 86 147 311
with GIA Rider 91 86 147 311 91 140 174 311 28 86 147 311
with EGMDBR and GIA
Rider: age 0-65 92 89 152 320 92 143 179 320 29 89 152 320
with EGMDBR and GIA
Rider: age 66-75 94 96 162 340 94 150 189 340 31 96 162 340
- --------------------------------------------------------------------------------------
Emerging Markets
without EGMDBR and GIA
Rider 93 91 155 326 93 145 182 326 30 91 155 326
with EGMDBR: age 0-65 94 94 160 335 94 148 187 335 31 94 160 335
with EGMDBR: age 66-75 96 100 170 354 96 154 197 354 33 100 170 354
with GIA Rider 96 100 170 354 96 154 197 354 33 100 170 354
with EGMDBR and GIA
Rider: age 0-65 97 103 175 363 97 157 202 363 34 103 175 363
with EGMDBR and GIA
Rider: age 66-75 99 109 184 382 99 163 211 382 36 109 184 382
- --------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
The following is added to the CHARGES, FEES AND DEDUCTIONS section:
Guaranteed Income Advantage Charge (Optional Rider)
If you purchase the GIA Rider, we deduct annually a Guaranteed Income Advantage
Charge ("GIA Charge") for expenses related to the GIA Rider. The GIA Charge is
equal to 0.30% multiplied by your Contract Value on the date the Charge is
deducted.
We will deduct the GIA Charge from your Investment Options on a proportionate
basis:
. on each Contract Anniversary the GIA Rider remains in effect;
on the Annuity Date, if the GIA Rider is still in effect;
. when the GIA Rider is terminated.
Any portion of the GIA Charge we deduct from the Fixed Option, the DCA Plus
Fixed Option and the Guaranteed Interest Options ("GIOs") will not be greater
than the annual interest credited in excess of 3%. If you terminate the GIA
Rider, we will charge your Contract for the annual GIA Charge on the effective
date of termination. If you make a full withdrawal of the amount available for
withdrawal during a Contract Year, we will deduct the entire GIA Charge for the
Contract Year in which you make the full withdrawal from the final payment made
to you.
The following is added to the PURCHASING YOUR CONTRACT section:
Purchasing the Guaranteed Income Advantage Rider (Optional)
You may purchase the GIA Rider on the Contract Date or on any Contract
Anniversary. You may purchase the GIA Rider only if the age of each Annuitant
is 80 years or younger on the date the GIA Rider is purchased. The GIA Rider
will remain in effect until the earlier of:
. a full withdrawal of the amount available for withdrawal under the
Contract;
. a death benefit becomes payable under the Contract;
. any termination of the Contract in accordance with the terms of the
Contract;
. the Annuity Date; or
. termination of the GIA Rider.
You may terminate the GIA Rider on the fifth Contract Anniversary or on any
later Contract Anniversary.
The following is added to the RETIREMENT BENEFITS AND OTHER PAYOUTS section
under Choosing Your Annuity Option:
Guaranteed Income Advantage Annuity Option
If you purchase the GIA Rider, you may choose any of the Annuity Options
described in the Prospectus, or you may choose the Guaranteed Income Advantage
Annuity Option if 10 years have passed since the GIA Rider was purchased and
the GIA Rider is still in effect. You must choose fixed annuity payments under
this Guaranteed Income Advantage Annuity Option.
6
<PAGE>
The guaranteed income purchased per $1,000 of the net amount applied to the
annuity payments will be based on an annual interest rate of 2.5% and the
1983a Annuity Mortality Table with the age set back 10 years. The net amount
applied to the annuity payments under the Guaranteed Income Advantage Annuity
Option will be based on the higher of the Guaranteed Income Base or the
Enhanced Income Base, which are described below.
1. Guaranteed Income Base - If you purchase the GIA Rider on the Contract
Date, the Guaranteed Income Base is equal to the Purchase Payments less an
adjustment for each withdrawal, increased at a 5% effective annual rate of
interest. We calculate the adjustment for each withdrawal by multiplying
the Guaranteed Income Base prior to a withdrawal by the ratio of the amount
of the withdrawal, including applicable withdrawal charges and MVAs, to the
Contract Value immediately prior to withdrawal.
If you purchase the GIA Rider on a Contract Anniversary after the Contract
Date, the Guaranteed Income Base is equal to the Contract Value on the date
the GIA Rider is purchased, plus all Purchase Payments made after the GIA
Rider is purchased, less an adjustment for each withdrawal occurring after
the GIA was elected, increased at a 5% effective annual rate of interest.
We calculate the adjustment for each withdrawal by multiplying the
Guaranteed Income Base prior to the withdrawal by the ratio of the amount
of the withdrawal, including applicable withdrawal charges and MVAs to the
Contract Value immediately prior to the withdrawal.
The effective annual rate of interest will take into account the timing of
when each Purchase Payment and withdrawal occurred. We accomplish this by
applying a daily factor of 1.000133681 to each day's Guaranteed Income Base
balance. The 5% effective annual rate of interest will stop accruing as of
the earlier of:
. the Contract Anniversary following the date the youngest Annuitant
reaches his or her 80th birthday;
. a full withdrawal of the amount available for withdrawal under the
Contract;
. a death benefit becomes payable under the Contract;
. any termination of the Contract in accordance with the provisions of the
Contract;
. the Annuity Date; or
. termination of the GIA Rider.
On the Annuity Date, the net amount we apply to the annuity payments will
be the Guaranteed Income Base reduced by any remaining withdrawal charges
associated with additional Purchase Payments added to the Contract, any
MVAs, any applicable state premium tax, and any outstanding Contract Debt.
2. Enhanced Income Base - The Enhanced Income Base is equal to:
. the Net Contract Value on the Annuity Date;
. less the sum of all Purchase Payments applied to the Contract in the
12 months prior to the Annuity Date.
On the Annuity Date, the net amount we apply to the annuity payments will be
the Enhanced Income Base reduced by any withdrawal charges, MVAs, and any
applicable state premium tax.
The structure of the annuity payments that may be elected under the Guaranteed
Income Advantage Annuity Option are:
. 15 years or more Period Certain;
. Life;
. Joint and Survivor Life;
. Life with 10 Years or More Period Certain.
7
<PAGE>
If you purchase the Guaranteed Income Advantage ("GIA") Annuity Option, the
waiver of withdrawal charges upon annuitization will not apply. We will reduce
the net amount applied to the annuity payments under the Guaranteed Income
Advantage Annuity Option by any remaining withdrawal charges. The rider
contains annuity tables for each GIA Annuity Option available.
Form No.
8
<PAGE>
PART II
Part C: OTHER INFORMATION
Item 24. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements
Part A: None
Part B:
(1) Registrant's Financial Statements
Audited Financial Statements dated as of
December 31, 1998 which are incorporated by
reference from the 1998 Annual Report include
the following for Separate Account A:
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
(2) Depositor's Financial Statements
Audited Consolidated Financial Statements dated
as of December 31, 1998 and 1997, and for the
three year period ended December 31, 1998,
included in Part B include the following for
Pacific Life:
Independent Auditors' Report
Consolidated Statements of Financial
Condition
Consolidated Statements of Operations and
Stockholder's Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
(b) Exhibits
1. (a) Resolution of the Board of Directors of the
Depositor authorizing establishment of Separate
Account A and Memorandum establishing Separate
Account A./1/
(b) Memorandum Establishing Two New Variable
Accounts--Aggressive Equity and Emerging Markets
Portfolios./1/
(c) Resolution of the Board of Directors of Pacific
Life Insurance Company authorizing conformity to
the terms of the current Bylaws./3/
II-1
<PAGE>
2. Not applicable
3. (a) Distribution Agreement between Pacific Mutual Life
and Pacific Mutual Distributors, Inc. ("PMD")
(formerly Pacific Equities Network) /1/
(b) Form of Selling Agreement between Pacific Mutual
Life, PMD and Various Broker-Dealers /1/
4. (a) Form of Individual Flexible Premium Variable
Accumulation Annuity Contract /2/
(b) Qualified Plan Loan Endorsement /1/
(c) Individual Retirement Annuity Rider /1/
(d) Qualified Pension Plan Rider /1/
(e) 403(b) Tax-Sheltered Annuity Rider /2/
(f) Section 457 Plan Rider /1/
(g) Endorsement for 403(b) Texas Optional Retirement
Program (ORP) /1/
(h) IRA Rider (Form R-IRA 198) /3/
(i) Roth IRA Rider (Form R-RIRA 198) /3/
(j) Simple IRA Rider (Form R-SIRA 198) /3/
(k) DCA Plus Fixed Option Endorsement (Form E-DCA 697)
/3/
(l) Guaranteed Minimum Death Benefit Endorsement
(Form E-GMDB 398) /3/
(m) Enhanced Guaranteed Minimum Death Benefit Rider
(Form R-EGMDB 398) /3/
(n) Guaranteed Income Advantage Rider (Form 23-113499)
5. (a) Application Form for Individual Flexible Premium
Variable Accumulation Annuity Contract. /3/
(b) Variable Annuity PAC APP /1/
(c) Application/Confirmation Form /1/
6. (a) Pacific Life's Articles of Incorporation /3/
(b) By-laws of Pacific Life /3/
7. Not applicable
8. Fund Participation Agreement /1/
9. Opinion and Consent of legal officer of Pacific Mutual
Life as to the legality of Contracts being registered.
/1/
II-2
<PAGE>
10. (a) Independent Auditors' Consent /4/
11. Not applicable
12. Not applicable
13. Performance Calculations /4/
14. Not applicable
15. Powers of Attorney /4/
16. Not applicable
/1/ Included in Registrant's Form Type N-4, file No. 333-88460, Accession No.
0000898430-96-001377 filed on April 19, 1996 and incorporated by reference
herein.
/2/ Included in Registrant's Form Type N-4, File No. 333-88460, Accession No.
0001017062-97-000794 filed on April 30, 1997 and incorporated by reference
herein.
/3/ Included in Registrant's Form Type N-4, file No. 333-88460, Accession No.
0001017062-98-000945 filed on April 29, 1998 and incorporated by reference
herein.
/4/ Included in Registrant's Form Type N-4, File No. 333-88460, Accession No.
0001017062-99-000659 filed on April 29, 1999 and incorporated by reference
herein.
Item 25. Directors and Officers of Pacific Life
Positions and Offices
Name and Address with Pacific Life
Thomas C. Sutton Director, Chairman of the Board, and
Chief Executive Officer
Glenn S. Schafer Director and President
Khanh T. Tran Director, Senior Vice President and
Chief Financial Officer
David R. Carmichael Director, Senior Vice President and
General Counsel
Audrey L. Milfs Director, Vice President and Corporate
Secretary
Richard M. Ferry Director
Donald E. Guinn Director
Ignacio E. Lozano, Jr. Director
Charles D. Miller Director
Donn B. Miller Director
Richard M. Rosenberg Director
James R. Ukropina Director
II-3
<PAGE>
Raymond L. Watson Director
Edward R. Byrd Vice President and Controller
Brian D. Klemens Vice President and Treasurer
Gerald W. Robinson Executive Vice President
______________________________
The address for each of the persons listed above is as follows:
700 Newport Center Drive
Newport Beach, California 92660
Item 26. Persons Controlled by or Under Common Control with Pacific Life
or Separate Account A
The following is an explanation of the organization chart of Pacific
Life's subsidiaries:
PACIFIC LIFE, SUBSIDIARIES & AFFILIATED ENTERPRISES
LEGAL STRUCTURE
Pacific Life is a California Stock Life Insurance Company wholly-owned
by Pacific LifeCorp (a Delaware Stock Holding Company) which is,
in turn, 99% owned by Pacific Mutual Holding Company (a California
Mutual Holding Company). Pacific Life has a 40% ownership of American
Maturity Life Insurance Company (a Connecticut Corporation), a 50%
ownership of Pacific Mezzanine Associates, L.L.C. (a Delaware Limited
Liability Company), and is the parent company of Pacific Asset
Management LLC (a Delaware Limited Liability Company), Pacific Mutual
Realty Finance, Inc., Pacific Life & Annuity Company (an Arizona
Corporation), Pacific Mutual Distributors, Inc., and World-Wide
Holdings Limited (a United Kingdom Corporation). A subsidiary of
Pacific Mezzanine Associates, L.L.C. is Pacific Mezzanine Investors,
L.L.C., along with its subsidiary Pacific Mezzanine Fund, L.P.
Subsidiaries of Pacific Asset Management LLC are PMRealty Advisors
Inc., PPA LLC (a Delaware Limited Liability Company), CCM LLC (a
Delaware Limited Liability Company), NFJ LLC (a Delaware Limited
Liability Company), and PIMCO Holding LLC (a Delaware Limited
Liability Company), and its 100% direct and indirect ownership of
Pacific Financial Products, Inc. (a Delaware Corporation). Pacific
Asset Management LLC directly and indirectly beneficially owns 33.4%
of the outstanding partnership interests in PIMCO Advisors L.P. (a
Delaware Limited Partnership). Subsidiaries of Pacific Mutual
Distributors, Inc. include: Associated Financial Group, Inc.; Mutual
Service Corporation (a Michigan Corporation), along with its
subsidiaries Advisors' Mutual Service Center, Inc. (a Michigan
Corporation) and Titan Value Equities Group, Inc.; and United
Planners' Group, Inc. (an Arizona Corporation which is 97% owned),
along with its subsidiary United Planners' Financial Services of
America (an Arizona Limited Partnership). Subsidiaries of World-Wide
Holdings limited include: World-Wide Reassurance Company Limited (a
United Kingdom Corporation) and World-Wide Reassurance Company (BVI)
Limited (a British Virgin Islands Corporation). All corporations are
100% owned unless otherwise indicated. All entities are California
corporations unless otherwise indicated.
II-4
<PAGE>
Item 27. Number of Contractholders
Approximately 9,333 Qualified
11,878 Non Qualified
Item 28. Indemnification
(a) The Distribution Agreement between Pacific Life and PMD provides
substantially as follows:
Pacific Life hereby agrees to indemnify and hold harmless PMD and
its officers and directors, and employees for any expenses
(including legal expenses), losses, claims, damages, or
liabilities incurred by reason of any untrue or alleged untrue
statement or representation of a material fact or any omission or
alleged omission to state a material fact required to be stated
to make other statements not misleading, if made in reliance on
any prospectus, registration statement, post-effective amendment
thereof, or sales materials supplied or approved by Pacific Life
or the Separate Account. Pacific Life shall reimburse each such
person for any legal or other expenses reasonably incurred in
connection with investigating or defending any such loss,
liability, damage, or claim. However, in no case shall Pacific
Life be required to indemnify for any expenses, losses, claims,
damages, or liabilities which have resulted from the willful
misfeasance, bad faith, negligence, misconduct, or wrongful act
of PMD.
PMD hereby agrees to indemnify and hold harmless Pacific Life,
its officers, directors, and employees, and the Separate Account
for any expenses, losses, claims, damages, or liabilities arising
out of or based upon any of the following in connection with the
offer or sale of the contracts: (1) except for such statements
made in reliance on any prospectus, registration statement or
sales material supplied or approved by Pacific Life or the
Separate Account, any untrue or alleged untrue statement or
representation made; (2) any failure to deliver a currently
effective prospectus; (3) the use of any unauthorized sales
literature by any officer, employee or agent of PMD or Broker;
(4) any willful misfeasance, bad faith, negligence, misconduct or
wrongful act. PMD shall reimburse each such person for any legal
or other expenses reasonably incurred in connection with
investigating or defending
II-5
<PAGE>
any such loss, liability, damage, or claim.
(b) The Form of Selling Agreement between Pacific Life, PMD (formerly
PEN) and Various Broker-Dealers provides substantially as
follows:
Pacific Life and PMD agree to indemnify and hold harmless Selling
Broker-Dealer and General Agent, their officers, directors,
agents and employees, against any and all losses, claims, damages
or liabilities to which they may become subject under the 1933
Act, the 1934 Act, or other federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact or any omission to state a
material fact required to be stated or necessary to make the
statements made not misleading in the registration statement for
the Contracts or for the shares of Pacific Select Fund (the
"Fund") filed pursuant to the 1933 Act, or any prospectus
included as a part thereof, as from time to time amended and
supplemented, or in any advertisement or sales literature
approved in writing by Pacific Life and PMD pursuant to Section
IV.E. of this Agreement.
Selling Broker-Dealer and General Agent agree to indemnify and
hold harmless Pacific Life, the Fund and PMD, their officers,
directors, agents and employees, against any and all losses,
claims, damages or liabilities to which they may become subject
under the 1933 Act, the 1934 Act or other federal or state
statutory law or regulation, at common law or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon: (a) any oral or
written misrepresentation by Selling Broker-Dealer or General
Agent or their officers, directors, employees or agents unless
such misrepresentation is contained in the registration statement
for the Contracts or Fund shares, any prospectus included as a
part thereof, as from time to time amended and supplemented, or
any advertisement or sales literature approved in writing by
Pacific Life and PMD pursuant to Section IV.E. of this Agreement,
(b) the failure of Selling Broker-Dealer or General Agent or
their officers, directors, employees or agents to comply with any
applicable provisions of this Agreement or (c) claims by Sub-
agents or employees of General Agent or Selling Broker-Dealer for
payments of compensation or remuneration of any type. Selling
Broker-Dealer and General Agent will reimburse Pacific Life or
PMD or any director, officer, agent or employee of either entity
for any legal or other expenses reasonably incurred by Pacific
Life, PMD, or such officer, director, agent or employee in
connection with investigating or defending any such loss, claims,
damages, liability or action. This indemnity agreement will be in
addition to any liability which Broker-Dealer may otherwise have.
II-6
<PAGE>
Item 29. Principal Underwriters
(a) PMD also acts as principal underwriter for Pacific Select
Separate Account, Pacific Select Exec Separate Account, Pacific
Select Variable Annuity Separate Account, Pacific Corinthian
Variable Separate Account, Separate Account B and Pacific
Select Fund.
(b) For information regarding PMD, reference is made to Form B-D, SEC
File No. 8-15264, which is herein incorporated by reference.
(c) PMD retains no compensation or net discounts or commissions from
the Registrant.
Item 30. Location of Accounts and Records
The accounts, books and other documents required to be maintained
by Registrant pursuant to Section 31(a) of the Investment Company
Act of 1940 and the rules under that section will be maintained
by Pacific Life at 700 Newport Center Drive, Newport Beach,
California 92660.
Item 31. Management Services
Not applicable
Item 32. Undertakings
The registrant hereby undertakes:
(a) to file a post-effective amendment to this registration statement
as frequently as is necessary to ensure that the audited
financial statements in this registration statement are never
more than 16 months old for so long as payments under the
variable annuity contracts may be accepted, unless otherwise
permitted.
(b) to include either (1) as a part of any application to purchase a
contract offered by the prospectus, a space that an applicant can
check to request a Statement of Additional Information, or (2) a
post card or similar written communication affixed to or included
in the prospectus that the applicant can remove to send for a
Statement of Additional Information, or (3) to deliver a
Statement of Additional Information with the Prospectus.
(c) to deliver any Statement of Additional Information and any
financial statements required to be made available under this
Form promptly upon written or oral request.
Additional Representations
II-7
<PAGE>
(a) The Registrant and its Depositor are relying upon American Council of
Life Insurance, SEC No-Action Letter, SEC Ref. No. 1P-6-88 (November 28, 1988)
with respect to annuity contracts offered as funding vehicles for retirement
plans meeting the requirements of Section 403(b) of the Internal Revenue Code,
and the provisions of paragraphs (1)-(4) of this letter have been complied with.
(b) The Registrant and its Depositor are relying upon Rule 6c-7 of the
Investment Company Act of 1940 with respect to annuity contracts offered as
funding vehicles to participants in the Texas Optional Retirement Program, and
the provisions of Paragraphs (a)-(d) of the Rule have been complied with.
(c) REPRESENTATION PURSUANT TO SECTION 26(e) OF THE INVESTMENT COMPANY
ACT OF 1940: Pacific Life Insurance Company and Registrant represent
that the fees and charges to be deducted under the Variable Annuity Contract
("Contract") described in the prospectus contained in this registration
statement are, in the aggregate, reasonable in relation to the services
rendered, the expenses expected to be incurred, and the risks assumed in
connection with the Contract.
II-8
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets the requirements of
Securities Act Rule 485(a) for effectiveness of this Registration Statement and
has caused this Post-Effective Amendment No. 5 to the Registration Statement on
Form N-4 to be signed on its behalf by the undersigned thereunto duly authorized
in the City of Newport Beach, and the State of California on this 18th day of
June 1999.
SEPARATE ACCOUNT A
(Registrant)
By: PACIFIC LIFE INSURANCE COMPANY
By:
Thomas C. Sutton*
Chairman and Chief Executive Officer
By: PACIFIC LIFE INSURANCE COMPANY
(Depositor)
By:
Thomas C. Sutton*
Chairman and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment No. 5 to the Registration Statement has been signed by the following
persons in the capacities and on the dates indicated:
<TABLE>
<CAPTION>
Signature Title Date
<S> <C> <C>
Thomas C. Sutton* Director, Chairman of the Board , 1999
and Chief Executive Officer
Glenn S. Schafer* Director and President , 1999
Khanh T. Tran* Director, Senior Vice , 1999
President and Chief Financial
Officer
David R. Carmichael* Director, Senior Vice , 1999
President and General Counsel
Audrey L. Milfs* Director, Vice President and , 1999
Corporate Secretary
Richard M. Ferry* Director , 1999
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Donald E. Guinn* Director , 1999
Ignacio E. Lozano, Jr.* Director , 1999
Charles D. Miller* Director , 1999
Donn B. Miller* Director , 1999
Richard M. Rosenberg* Director , 1999
James R. Ukropina* Director , 1999
Raymond L. Watson* Director , 1999
Edward R. Byrd* Vice President and Controller , 1999
Brian D. Klemens* Vice President and Treasurer , 1999
*By: /s/ DAVID R. CARMICHAEL
David R. Carmichael June 18, 1999
as attorney-in-fact
</TABLE>
(Powers Of Attorney are contained in Post-Effective Amendment No. 4, filed
via EDGAR on April 15, 1999, to the Registration Statement on Form N-4 for
Separate Account A, File No. 33-88460 as Exhibit 15)
<PAGE>
[LOGO OF PACIFIC LIFE]
Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA 92660
GUARANTEED INCOME ADVANTAGE RIDER
(Pacific Portfolios)
This Rider is part of your Contract and should be attached to it.
Notwithstanding any provision of your Contract to the contrary, the provisions
of this Rider shall prevail over the provisions of your Contract.
You have purchased the Guaranteed Income Advantage Rider ("GIA Rider"). An
annual charge (called the "Guaranteed Income Advantage Charge") for expenses
related to the GIA Rider will be deducted from your Investment Options on a
proportionate basis on each Contract Anniversary that the GIA Rider remains in
effect and on the Annuity Date. Any portion of the Guaranteed Income Advantage
Charge we deduct from the Fixed Option, the DCA Plus Fixed Option and the
Guaranteed Interest Options ("GlOs") will not be greater than the annual
interest credited in excess of 3%. The Guaranteed Income Advantage Charge is
equal to 0.30% multiplied by the Contract Value on the date the charge is
deducted. In the event of a full withdrawal of the amount available for
withdrawal under the Contract, the entire Guaranteed Income Advantage Charge for
the Contract Year in which the full withdrawal occurs will be netted out of the
final payment made to the Owner.
This GIA Rider may be purchased on the Contract Date or on any following
Contract Anniversary and will remain in effect until the earlier of: (a) a full
withdrawal of the amount available for withdrawal under the Contract; (b) a
death benefit becomes payable under the Contract; (c) any termination of the
Contract in accordance with the provisions of the Contract; (d) the Annuity
Date; or (e) your termination of the GIA Rider. The GIA Rider may only be
purchased if the Age of each Annuitant is 80 years or younger on the date the
GIA Rider is purchased.
This GIA Rider may be terminated on the fifth Contract Anniversary or any
Contract Anniversary thereafter. If the GIA Rider is terminated, we will charge
your Contract for the annual Guaranteed Income Advantage Charge on the effective
date of termination.
The following section entitled Guaranteed Income Advantage Annuity Option is
added before the Periodic Payments section under the ANNUITY BENEFITS provision
of your Contract.
Guaranteed Income Advantage Annuity Option -Rather than choosing any of the
Annuity Options described above, you may select the Guaranteed Income Advantage
Annuity Option if 10 years have passed since the GIA Rider was purchased. You
must choose fixed annuity payments under this Guaranteed Income Advantage
Annuity Option, and the guaranteed income purchased per $1,000 of the net amount
applied to the annuity payments will be based on an annual interest rate of 2.5%
and the 1983a Annuity Mortality Table with the age set back 10 years (see
attached Guaranteed Income Advantage Annuity Option Tables). The net amount
applied to the annuity payments under this option will be based on the higher of
the following two balances:
1. Guaranteed Income Base - If the GIA Rider is purchased on the Contract
Date, the Guaranteed Income Base is equal to your Purchase Payments less an
adjustment for each withdrawal, increased at a 5% effective annual rate of
interest. The adjustment for each withdrawal is calculated by multiplying
the Guaranteed Income Base prior to a withdrawal by the ratio of the amount
of a withdrawal, including applicable withdrawal charges and MVAs, to the
Contract Value immediately prior to a withdrawal.
If the GIA Rider is purchased on a Contract Anniversary after the Contract
Date, the Guaranteed Income Base is equal to your Contract Value on the
date the GIA Rider was purchased, plus all
1
<PAGE>
Purchase Payments made after the GIA Rider was purchased, less an
adjustment for each withdrawal occurring after the GIA Rider was purchased,
increased at a 5% effective annual rate of interest. The adjustment for
each withdrawal is calculated by multiplying the Guaranteed Income Base
prior to a withdrawal by the ratio of the amount of a withdrawal, including
applicable withdrawal charges and MVAs to the Contract Value immediately
prior to a withdrawal.
The effective annual rate of interest will take into account the timing of
when each Purchase Payment and withdrawal occurred. This is accomplished by
applying a daily factor of 1.000133681 to each day's Guaranteed Income Base
balance. The 5% effective annual rate of interest will stop accruing as of
the earlier of: (i) the Contract Anniversary following the date the
youngest Annuitant reaches his or her 80th birthday; (ii) a full withdrawal
of the amount available for withdrawal under the Contract; (iii) a death
benefit becomes payable under the Contract; (iv) any termination of the
Contract in accordance with the provisions of the Contract; (v) the Annuity
Date; or (vi) your termination of the GIA Rider. On the Annuity Date and if
the GIA Rider was not terminated, the net amount applied to the annuity
payments will be the Guaranteed Income Base reduced by any remaining
withdrawal charges, any MVAs, any applicable premium tax, and any
outstanding Contract Debt.
2. Enhanced Income Base - The Enhanced Income Base is equal to your Net
Contract Value on the Annuity Date plus an additional 15% of the amount
that your Net Contract Value on the Annuity Date exceeds the sum of all
Purchase Payments applied to your Contract in the 12 months prior to the
Annuity Date. On the Annuity Date and if the GIA Rider was not terminated,
the net amount applied to the annuity payments will be the Enhanced Income
Base reduced by any remaining withdrawal charges, any MVAs, and any
applicable premium tax.
The structure of the annuity payments that may be elected under the Guaranteed
Income Advantage Annuity Option are Period Certain (15 years or more), Life,
Joint and Survivor Life, and Life with Period Certain (10 years or more). If you
elect the Guaranteed Income Advantage Annuity Option, the waiver of withdrawal
charges as described in your Contract will not apply, and the net amount applied
to the annuity payments under the Guaranteed Income Advantage Annuity Option
will be reduced by any remaining withdrawal charges.
All provisions regarding the Guaranteed Income Advantage Annuity Option
described in this section only relate to the Guaranteed Income Advantage Annuity
Option, and do not impact any of the other Annuity Options described in the
Contract.
All other terms and conditions of your Contract remain unchanged.
PACIFIC LIFE INSURANCE COMPANY
/s/ THOMAS C. SUTTON /s/ AUDREY L. MILFS
Chairman and Chief Executive Officer Secretary
2
<PAGE>
GUARANTEED INCOME ADVANTAGE ANNUITY OPTION
------------------------------------------
SINGLE LIFE ANNUITIES WITH GUARANTEED PAYMENTS
<TABLE>
<CAPTION>
Male at 2.5% Female at 2.5% Unisex at 2.5%
Age None 10Yrs 20Yrs None 10Yrs 20Yrs None 10Yrs 20Yrs
- --- ---- ----- ----- ---- ----- ----- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
30 2.72 2.72 2.72 2.62 2.62 2.61 2.67 2.67 2.67
35 2.84 2.83 2.83 2.71 2.71 2.70 2.78 2.77 2.77
40 2.98 2.97 2.96 2.82 2.82 2.81 2.90 2.90 2.89
45 3.15 3.14 3.12 2.96 2.96 2.95 3.06 3.05 3.04
50 3.37 3.35 3.31 3.13 3.13 3.11 3.25 3.24 3.21
55 3.64 3.62 3.54 3.35 3.34 3.31 3.50 3.48 3.43
60 3.98 3.94 3.81 3.62 3.60 3.55 3.80 3.78 3.68
65 4.42 4.35 4.12 3.97 3.94 3.83 4.20 4.15 3.98
70 5.00 4.87 4.45 4.44 4.38 4.17 4.72 4.63 4.32
75 5.81 5.54 4.77 5.08 4.96 4.54 5.44 5.26 4.67
80 6.94 6.35 5.03 5.97 5.70 4.88 6.45 6.04 4.96
85 8.52 7.25 5.18 7.28 6.63 5.11 7.89 6.95 5.15
90 10.76 8.09 5.25 9.24 7.65 5.23 9.99 7.88 5.24
95 13.84 8.74 5.27 12.17 8.51 5.27 12.99 8.63 5.27
</TABLE>
JOINT LIFE WITH 50% SURVIVOR LIFE
Primary Annuitant
Male Age
<TABLE>
<CAPTION>
60 with 2.5% 65 with 2.5% 70 with 2.5% 75 with 2.5% 80 with 2.5% 85 with 2.5%
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 3.62 3.85 4.10 4.39 4.71 5.05
Female 65 3.71 3.97 4.26 4.60 4.97 5.36
age 70 3.78 4.08 4.42 4.82 5.26 5.73
75 3.84 4.18 4.58 5.05 5.58 6.15
80 3.89 4.26 4.71 5.26 5.91 6.63
85 3.92 4.32 4.82 5.45 6.22 7.12
</TABLE>
JOINT LIFE WITH 66 2/3% SURVIVOR LIFE
Primary Annuitant
Male Age
<TABLE>
<CAPTION>
60 with 2.5% 65 with 2.5% 70 with 2.5% 75 with 2.5% 80 with 2.5% 85 with 2.5%
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 3.52 3.69 3.87 4.06 4.25 4.44
Female 65 3.63 3.84 4.06 4.30 4.54 4.77
age 70 3.72 3.98 4.26 4.56 4.86 5.16
75 3.80 4.11 4.45 4.84 5.24 5.63
80 3.86 4.21 4.62 5.10 5.63 6.17
85 3.91 4.29 4.76 5.34 6.01 6.75
</TABLE>
3
<PAGE>
JOINT LIFE WITH 100% SURVIVOR LIFE
Primary Annuitant
Male Age
<TABLE>
<CAPTION>
60 with 2.5% 65 with 2.5% 70 with 2.5% 75 with 2.5% 80 with 2.5% 85 with 2.5%
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 3.33 3.41 3.48 3.53 3.56 3.59
Female 65 3.47 3.60 3.71 3.80 3.87 3.91
Age 70 3.60 3.79 3.97 4.12 4.23 4.31
75 3.72 3.97 4.22 4.46 4.66 4.82
80 3.81 4.11 4.45 4.81 5.14 5.42
85 3.87 4.22 4.65 5.13 5.63 6.11
</TABLE>
Unisex with 50% Survivor Life
Unisex Age
<TABLE>
<CAPTION>
60 with 2.5% 65 with 2.5% 70 with 2.5% 75 with 2.5% 80 with 2.5% 85 with 2.5%
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 3.56 3.79 4.06 4.36 4.70 5.07
Unisex 65 3.62 3.89 4.20 4.55 4.94 5.38
Age 70 3.68 3.98 4.33 4.74 5.21 5.73
75 3.72 4.05 4.44 4.92 5.49 6.12
80 3.75 4.10 4.54 5.09 5.75 6.53
85 3.77 4.14 4.61 5.21 5.98 6.92
</TABLE>
UNISEX WITH 66 2/3% SURVIVOR LIFE
Unisex Age
<TABLE>
<CAPTION>
60 with 2.5% 65 with 2.5% 70 with 2.5% 75 with 2.5% 80 with 2.5% 85 with 2.5%
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 3.48 3.68 3.88 4.09 4.31 4.53
Unisex 65 3.57 3.80 4.05 4.31 4.59 4.86
Age 70 3.64 3.91 4.21 4.54 4.90 5.25
75 3.69 4.00 4.36 4.77 5.23 5.70
80 3.73 4.07 4.48 4.98 5.55 6.18
85 3.76 4.12 4.57 5.14 5.84 6.65
</TABLE>
4
<PAGE>
UNISEX WITH 100% SURVIVOR LIFE
Unisex Age
<TABLE>
<CAPTION>
60 with 2.5% 65 with 2.5% 70 with 2.5% 75 with 2.5% 80 with 2.5% 85 with 2.5%
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
60 3.34 3.46 3.56 3.64 3.70 3.74
Unisex 65 3.46 3.62 3.78 3.91 4.01 4.08
Age 70 3.56 3.78 4.00 4.20 4.37 4.50
75 3.64 3.91 4.20 4.50 4.77 5.00
80 3.70 4.01 4.37 4.77 5.19 5.57
85 3.74 4.08 4.50 5.00 5.57 6.16
</TABLE>
PERIOD CERTAIN ONLY
<TABLE>
<CAPTION>
Monthly Monthly Monthly Monthly Monthly
Income Income Income Income Income
Year 2.50% Year 2.50% Year 2.50% Year 2.50% Year 2.50%
- ---- ----- ---- ----- ---- ----- ---- ----- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
15 6.64 21 5.08 27 4.22 33 3.69 39 3.32
16 6.30 22 4.90 28 4.12 34 3.62 40 3.28
17 6.00 23 4.74 29 4.02 35 3.55
18 5.73 24 4.60 30 3.93 36 3.49
19 5.49 25 4.46 31 3.84 37 3.43
20 5.27 26 4.34 32 3.76 38 3.38
</TABLE>
5
