UK – Software firm Euraplan has launched a 495-pound (717.5-euro) software package for small and medium-sized pension schemes.

The company said OpenAIR Lite is an off-the-shelf pensions accounting package “aimed at the needs of small-medium pension schemes”. It added that the needs of this sector are “somewhat disregarded”.

“OpenAIR Lite is a pensions-specific accounts package, designed to replace spreadsheets, suitable for both defined benefit and defined contribution schemes,” Euraplan said.

“Bespoke software tools have never been an option for small schemes due to their strict budget constraints and the cost-conscious environment they operate within,” said marketing manager Baljit Sangha.

“However, Euraplan acknowledges small schemes’ frustrations by introducing OpenAIR Lite, which enables such schemes to produce SORP pension accounts reports for only 495 pounds.”

OpenAIR Lite includes reporting processes for bank reconciliation, trial balance, nominal ledger, fund account, net asset statement, SORP notes, year-end reporting, and audit trail.