UK – Euraplan, the London based pension fund accounting and fund monitoring software house, has launched its new module, OpenAir Investments, developed for “larger” UK pension plans of £750m (€1,220m) or more, including multi-manager externally and inhouse managed schemes and third party administrators.

Euraplan claims the system is revolutionary, since it is “the only one of its kind of offer the service that it does”. This service includes features such as access to trade and accounting currency reporting, multi-scheme reporting, full audit trails, flexible and rapid enquiries, electronic interfacing with fund managers and custodians, remote database administration, cash forecasting, tax monitoring and multiple portfolio specific pricing sources.

The new system has been tested by an undisclosed UK pension fund worth £1.4bn.

Smaller pension plans can continue to use the Shareholder system, which already attracts over 140 schemes.

Says Roger Forder, chief executive officer of Euraplan : “The enormous responsibilities pension schemes bear in terms of funding the retirement of their members make it absolutely imperative that they undertake verification of the performance of fund managers and custodians.”

The new module is designed to eliminate errors that are often found in information that managers and custodians provide, according to Euraplan.