||For Immediate Release|
Pacific Life Announces a New Solution for De-Risking Pension Plans:
Pacific Secured Buy-InSM
Newport Beach, Calif. (February 26, 2013)-Pacific Life has launched Pacific Secured Buy-In, adding yet another dimension to the company's already comprehensive portfolio of pension risk-transfer products.
"We're very excited to announce this complement to our pension de-risking product suite," says Richard Taube, vice president, Institutional & Structured Products for Pacific Life. "Pacific Secured Buy-In enables plan sponsors to de-risk their pension obligations and stabilize their corporate balance sheets and income statements without affecting plan termination. For plan sponsors who want to de-risk and without recognizing settlement losses, this is the solution they may need."
Pacific Secured Buy-In also provides plan sponsors with flexibility for the future. The product allows the plan sponsor to convert to a Pacific Transferred Buy-Outsm contract at any time and at no additional cost. The conversion completely transfers all future benefit obligations from the plan sponsor to Pacific Life.
With the addition of Pacific Secured Buy-In, Pacific Life's suite of risk-transfer products provides solutions for a wide range of pension de-risking scenarios. The product suite includes Pacific Insured LDIsm, a first-of-its-kind guaranteed alternative to best-efforts liability-driven investing strategies. Launched last year, Pacific Insured LDI provides plan sponsors with a unique guaranteed match of plan assets to plan liabilities. It does not require up-front payment like a buy-in or buy-out product, and it does not trigger settlement losses. "With our full suite of pension de-risking products, we have seen an increased interest from plan sponsors, consultants, and brokers," adds Taube. "Regardless of a plan's funded status and whether or not the ultimate goal is plan termination, Pacific Life can offer a pension de-risking solution."
Marketing materials and additional information regarding Pacific Secured Buy-In, Pacific Insured LDI, and Pacific Transferred Buy-Out can be found online at http://www.pacificlife.com/ or by calling the Pension Risk Transfer team at (877) 536-4382.
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit About Pacific Life section of this website.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of May 2012 is compiled by Pacific Life using the 2012 FORTUNE 500® list.
Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each company is solely responsible for the financial obligations accruing under the products it issues. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company.