PDF Schwab Retirement Income Variable Annuity Prospectus for New York

Schwab Retirement Income Variable Annuity? Prospectus

Detailed information about the Schwab Retirement Income Variable Annuity

For New York residents only

May 1, 2021

Issued by Pacific Life & Annuity Company

Contents

Section 1

Schwab Retirement Income Variable Annuity Prospectus

Section 2

Pacific Life Privacy Notice

Supplement dated May 4, 2021 to the Prospectus dated May 1, 2021 for the Schwab Retirement Income Variable Annuity contract issued by Pacific Life & Annuity Company

This supplement must be preceded or accompanied by the Prospectus for your Contract, as supplemented (the "Prospectus"). All information on your Prospectus dated May 1, 2021, remains in effect unless otherwise supplemented. Capitalized terms used in this supplement are defined in the Schwab Retirement Income Variable Annuity prospectus ("Prospectus") unless otherwise defined herein. ``We,'' ``us,'' or ``our'' refer to Pacific Life & Annuity Company; ``you'' or ``your'' refer to the Contract Owner. You can obtain a copy of the current Prospectus by contacting us at (800) 748-6907, or online at . Please retain it for future reference.

The table showing the minimum and maximum total annual operating expenses in the Total Annual Fund Operating Expenses section is deleted and replaced with the following:

Range of total annual portfolio operating expenses before any waivers or expense reimbursements Range of total annual portfolio operating expenses after any waivers or expense reimbursements

Minimum

0.57% 0.57%

Maximum

0.62% 0.62%

The examples of the minimum and maximum periodic Contract expenses, Contract Transaction Expenses, Separate Account annual expenses, and Portfolio fees in the Examples section are deleted and replaced with the following:

? If you surrendered, annuitized, or left your money in your Contract:

1 Year

3 Years

Maximum Minimum

$299 $119

$906 $372

5 Years

$1,523 $644

10 Years

$3,119 $1,420

Supplement dated May 1, 2021 to the Prospectus dated May 1, 2021 for the Schwab Retirement Income Variable Annuity (an individual flexible premium annuity) contract issued by Pacific Life &

Annuity Company

Capitalized terms used in this supplement are defined in the Schwab Retirement Income Variable Annuity contract prospectus ("Prospectus") unless otherwise defined herein. ``We,'' ``us,'' or ``our'' refer to Pacific Life & Annuity Company; ``you'' or ``your'' refer to the Contract Owner.

This Rate Sheet Prospectus Supplement ("Supplement") should be read, retained, and used in conjunction with the effective Prospectus and replaces and supersedes any previously issued Rate Sheet Supplement. If you would like another copy of the current prospectus, you may obtain one by visiting or by calling us at (800) 748-6907 to request a free copy. All Rate Sheet Prospectus Supplements are also available on the EDGAR system at by typing "Schwab Retirement Income Variable Annuity" under EDGAR Search Tools - Variable Insurance Products.

We are issuing this Supplement to provide current rate information for the Annual Charge, Annual Credit, and Withdrawal Percentages for the Future Income Generator (Single) or (Joint) optional riders in effect on or after the date below. For complete information about the Future Income Generator (Single) or (Joint), see the Prospectus.

The percentages below apply for applications (or Regulation 60 paperwork if a replacement)* signed on or after May 1, 2021

* If your Contract and Rider purchase is through a replacement that involves Regulation 60, the application sign date is not used to determine percentage rates. In this situation, all references to "application" in this supplement refer to the Regulation 60 Authorization to Release Information form.

This Supplement has no specified end date and can be superseded at any time subject to certain notice requirements. The rate information in this Supplement may not be superseded or changed until a new Supplement is filed at least 10 business days before the effective date of the new Supplement. Please work with your Schwab investment professional, visit or call us at (800) 748-6907 to confirm the most current percentages.

The current Annual Charge and Annual Credit are the following:

Rider Name

Annual Charge Percentage

Annual Credit Percentage

Future Income Generator (Single)

1.35%

5.0%

Future Income Generator (Joint)

1.45%

5.0%

The current Withdrawal Percentages are the following:

Age*

Future Income

Future Income

Generator (Single) Generator (Joint)

Before 59?

0%

0%

59?

4.0%

3.5%

60

4.0%

3.5%

61

4.0%

3.5%

62

4.0%

3.5%

63

4.0%

3.5%

64

4.0%

3.5%

65

4.75%

4.25%

66

4.75%

4.25%

67

4.75%

4.25%

68

4.75%

4.25%

69

4.75%

4.25%

70

4.75%

4.25%

71

4.75%

4.25%

Age*

Future Income

Future Income

Generator (Single) Generator (Joint)

72

4.75%

4.25%

73

4.75%

4.25%

74

4.75%

4.25%

75

5.0%

4.5%

76

5.0%

4.5%

77

5.0%

4.5%

78

5.0%

4.5%

79

5.0%

4.5%

80

5.0%

4.5%

81

5.0%

4.5%

82

5.0%

4.5%

83

5.0%

4.5%

84

5.0%

4.5%

85 and older

5.0%

4.5%

* The Age range that applies is based on the age of the Designated Life (Single) or the youngest Designated Life (Joint) at the time of the first withdrawal after age 59? or the first withdrawal after an Automatic or Owner-Elected Reset occurs.

In order for you to receive the percentages reflected above, your application (or Regulation 60 paperwork if a replacement) must be signed on or after the date referenced above, your application (or Regulation 60 paperwork if a replacement) must be received, In Proper Form, within 14 calendar days after the application sign date, and we must receive, In Proper Form, the initial Purchase Payment within 90 calendar days after the application sign date. Once the Rider is issued, your percentages will not change as long as you own the Rider (even if an Automatic Reset or Owner-Elected Reset occurs as described in the Reset of Protected Payment Base subsection within each Rider).

Subject to meeting the timelines referenced above, on the issue date, if during the 90 calendar day period current percentage rates have changed since the date you signed your application (or Regulation 60 paperwork if a replacement), the following will apply:

? If the Annual Credit Percentage increased, you will receive the higher percentage in effect on the issue date.

? If any Withdrawal Percentage increased, you will receive the higher percentages in effect on the issue date.

? If the Annual Charge Percentage decreased, you will receive the lower percentage in effect on your issue date.

However, if the Annual Credit and/or any Withdrawal Percentage decreased, or the Annual Charge Percentage increased, you will receive the Annual Credit, Withdrawal and Annual Charge Percentages in effect on the date you signed your application (or Regulation 60 paperwork if a replacement).

If the necessary paperwork and initial Purchase Payment are not received within the timeframes stated above, you will receive the applicable percentages in effect as of the Contract issue date.

If you purchased a Rider, review the Rate Sheet Prospectus Supplement provided to you at Contract issue, review the Rider specifications page you receive for your Contract, speak with your Schwab investment professional, or call us to confirm the percentages applicable to you.

Please work with your Schwab Investment professional or call us at (800) 748-6907 prior to submitting your paperwork if you have any questions.

Form No. NYSRIVARS0521B

SCHWAB RETIREMENT INCOME VARIABLE ANNUITY?

PROSPECTUS MAY 1, 2021

Schwab Retirement Income Variable Annuity is an individual flexible premium deferred variable annuity contract issued by Pacific Life & Annuity Company ("PL&A") through Separate Account A of PL&A. The contracts offer various optional living and death benefit riders for an additional cost. The living benefit riders vary in terms of the age that the Owner must be before the benefits become payable and other terms. Work with your Schwab Investment Professional to determine which benefits are best suited to your financial needs. See the Living Benefit Riders section for more information

The Contracts are sold exclusively by investment professionals including independent contractors and their employees of Charles Schwab & Co., Inc. ("Schwab") ("Schwab investment professionals"). In this Prospectus, you and your mean the Contract Owner or Policyholder. Pacific Life & Annuity, PL&A, we, us and our refer to Pacific Life & Annuity Company. Pacific Life, PL and administrator means Pacific Life Insurance Company. Contract means a Schwab Retirement Income Variable Annuity contract, unless we state otherwise. Schwab is not affiliated with Pacific Life Insurance Company or Pacific Life & Annuity Company.

This Prospectus provides information you should know before buying a Contract. Please read the Prospectus carefully, and keep it for future reference.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the shareholder reports for portfolio companies available under your Contract, will no longer be sent by mail, unless you specifically request copies of the reports from PL&A. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from PL&A electronically by indicating so on the application, at , or by sending us instructions in writing in a form acceptable to us to receive such documents electronically.

You may elect to receive all future reports in paper free of charge. You can inform PL&A that you wish to continue receiving paper copies of your shareholder reports by calling (833) 455-0901 or visit PrintedShareholderReports. Your election to receive reports in paper will apply to all portfolio companies available under your Contract.

Here's a list of all the Investment Options currently available under your Contract; the Variable Investment Options are listed according to the underlying Funds:

VARIABLE INVESTMENT OPTIONS

Schwab Annuity Portfolios

Schwab VIT Balanced Portfolio Schwab VIT Balanced with Growth Portfolio Schwab VIT Growth Portfolio

You will find more information about the Contract and Separate Account A in the Statement of Additional Information (SAI) dated May 1, 2021. The SAI has been filed with the Securities and Exchange Commission (SEC) and is considered to be part of this Prospectus because it's incorporated by reference. The contents of the SAI are described in this Prospectus after The General Account section ? see the Table of Contents. You can get a copy of the SAI without charge by calling or writing to PL&A. You can also visit the SEC's website at , which contains the SAI, material incorporated into this Prospectus by reference, and other information about registrants that file electronically with the SEC.

This Contract is not available in all states. This Prospectus is not an offer in any state or jurisdiction where we are not legally permitted to offer the Contract. This Contract is subject to availability, is offered at our discretion, and may be discontinued for purchase at any time. The Contract is described in detail in this Prospectus and its SAI. A Fund is described in its Prospectus and its SAI. No one has the right to describe the Contract or a Fund any differently than they have been described in these documents.

You should be aware that the SEC has not approved or disapproved of the securities or passed upon the accuracy or adequacy of the disclosure in this Prospectus. Any representation to the contrary is a criminal offense.

This material is not intended to be used, nor can it be used by any taxpayer, for the purpose of avoiding U.S. federal, state or local tax penalties. PL&A, its distributors and their respective representatives do not provide tax, accounting or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

This Contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. It's not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in a Contract involves risk, including possible loss of principal.

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