Social Security Act 1986

Quick Reference

UK legislation that laid the foundations for freeing the pensions industry by allowing employees to opt out of occupational pension schemes run by their employers and create their own personal pension schemes. It was not completely enacted until 1988 because its consumer-protection clauses were bound up in the later Financial Services Act 1986. The Social Security Act 1990 went further in introducing consumer protection for pension plans.

Subjects: Financial Institutions and Services.

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