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<p>The Government recognises that people need the right support and guidance to make
decisions that best suit their evolving personal circumstances. That is why the Government
introduced Pension Wise, a service provided by the Money and Pensions Service (MAPS)
that offers everyone aged 50 and over who has a defined contribution pension, free
and impartial guidance on their range of available choices at retirement.</p><p> </p><p>The
Financial Conduct Authority (FCA) found in its Retirement Outcomes Review in 2018
that consumer engagement in the retirement market is low and there are low levels
of shopping around. As part of remedies to improve this, the FCA has set new requirements
for pension providers to send more frequent ‘wake-up packs’ to their consumers, which
include a summary of their open market options.</p><p> </p><p>The Money Advice Service
(provided by MAPS) also offers a guaranteed income product comparator tool and is
developing a drawdown comparator tool, to make it easier for consumers to compare
the different options available to them.</p>
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