Lets consider only the fact that we know.
-Pain is a formal leader of Akatsuki
-He obeys Madara
-He has his own goals, which he most probably hides from Madara
-Madara told him "failure wont be accepted"
-Pain failed
-Failure of Pain wont be accepted by Madara
-Madara should punish Pein
-Pein is casting some jutsu which is not aimed at harming Naruto
Assuming Pein knows that he is punished or lets say DEAD anyway what can he do for Naruto? What can he do? He entrusts his whole life and his whole Pain to Naruto.
What he was trying to achieve and what his best friend Yahiko was trying to achieve - now this passes to Naruto. he entrusts him with the mission of his life.
I think the power transfer looks quite reasonable. However, I doubt it is possible.
Which leads to second conclusion I can come up with - the suicide jutsu

No, seriously, peins mission was to bring peace to the world, yet he failed - reason to live? Ah yeah, he has Konan to protect.
So then he'll ask naruto to protect Konan?