UK pension fund systems house Euraplan today launched a new pricing system designed to appeal to smaller pension funds. In a radical move, Euraplan is now offering the software for its popular and acclaimed OpenAIR branded systems free of charge. The move is expected to make the solutions particularly attractive to smaller pension funds (i.e. those with less than 100 million under management).
There are two OpenAIR systems: OpenAIR Investments and OpenAIR Accounts. The first is an investment accounting and monitoring system, while OpenAIR Accounts is a pensions accounting system. OpenAIR Accounts can be customised to the specific needs of schemes, especially in its accounts management, report-writing and compliance functions.
Euraplan says it has already positioned these solutions at a lower price than competing off-the-shelf applications. The new pricing policy means that users will be receiving the software free of charge and will only need to pay a nominal administration fee and an annual fee that covers licences, maintenance and support. The maintenance fee includes free upgrades. This means that as users’ requirements change – in governance and compliance, for example – Euraplan will enhance the software to feature these upgrades.
The new pricing policy goes hand-in-hand with another move designed to make the OpenAIR solutions more attractive to smaller pension funds. “The extremely wide range of functionality offered by the solutions is now available on a pick-and-choose basis so that users can select the options they want with maximum efficiency and cost-effectiveness,” says the company.
Recent sales of OpenAIR solutions have been made to DS Smith Pensions, London Borough of Lambeth, British Alcan Aluminium, Cornwall County Council, and the pension schemes of Boots and Associated British Ports.