A NEW booklet on how to run your own pension scheme is being distributed free of charge to self-employed people and executives without pensions. The booklet focuses on an alternative to insurance industry pension plans, Small Self Administered Pension Schemes (SSAPS).

The new guide, published by Corpen, is aimed at owners of small businesses, company directors and senior executives, and at accountants who might be advising their clients on pensions.

"I think what people most object to is that the more money they put into an insurance company pension, the more they pay in charges, said Mr Conor Clarkson, a director at Corpen. "People are setting up their own pension funds to sidestep the hidden charges, commission and costs."

He stressed that SSAPS are not new, and that since a change in the law in 1972, anyone is entitled to establish their own pension fund.

Just as with an insurance company plan, this fund is not taxable, but it must be administered by a `Pensioneer Trustee' who is registered with the Revenue Commissioners.

"Previously, SSAPS were considered the preserve of wealthy business people. However, in. recent years, competition and technology have made it far more cost effective for owners of small and medium-sized companies. An SSAPS also allows a person complete control over where they invest their money," Mr Clarkson added.

The guide, `Managing your own pension fund', is available by calling Corpen on (01) 493-0808.