In your case I would say that you can create a copy for safekeeping but that would be just my personal opinion.
Sadly this is not correct; the UK has a very restrictive view of 'fair dealing' rights. The relevant bit of UK law is s.50A(1) of the Copyright, Designs and Patents Act 1988
50A.-(1) It is not an infringement of copyright for a lawful user of a copy of a computer program to make any back up copy of it which it is necessary for him to have for the purposes of his lawful use.
There are two issues here. Firstly, the wording "any back up copy of it which it is necessary for him to have". In the days of floppy disks and tapes backups were certainly necessary; in the days of CD and DVD-ROM this is viewed by the courts (viz. Sony v Owens 2002) as unnecessary, therefore 50A(1) doesn't apply. Secondly, in the case of games, it is argued that 50A is not relevant as a game consists of a number of copyrights, e.g. soundtrack and film, that may not be backed up under 50A.
Of course, you are free to weigh up the prospect of prosecution for copyright violations for doing something that most would regard as fair use. However, mechanisms for doing this aren't something we can discuss on PPRuNe, although I expect search engines would lead you to an answer.