Abstract
From April 1988, individuals were offered a new pensions option by the Government: the possibility of 'contracting out' of the State Earnings-Related Pension Scheme (SERPS) into an Approved Personal Pension. In a personal pension scheme, an individual accumulates his or her pension contributions in a fund, the proceeds of which are used to buy an annuity from an insurance company on retirement. Two main objectives lay behind this reform:..
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