GERMANY – Software firm SunGard has amended a US retirement product for the German market – and is eyeing other European countries.
"We believe that once we have amended the OmniPlus to handle the complexities of the German pension scheme, we will be able to tailor it for other countries, if European pension reform legislation brings about greater standards of provision,” said Katrina R. Miglietta, senior vice president of new business development at SunGard Employee Benefit Systems.
She said the firm was also looking at the UK, France, Italy, the Netherlands and Sweden – as we as Eastern Europe - as possible markets for the system. The system is used to manage 70% of US 401(k) personal retirement plans.
"SunGard's mission is to offer support for direct commitments, time value plans and pension funds," Miglietta added.
SunGard will demonstrate the system to potential buyers early next year. Prices would initially be kept low to build market share. SunGard would target both corporate and providers with the product.
SunGard Employee Benefit Systems is working with consultants in Germany to tailor OmniPlus system to local requirements.
“OmniPlus has the flexibility to manage Germany's unique pension administration requirements and a variety of plan types, including the ability to handle liabilities,” it said.
“Few firms serving the pensions industry in Germany have focused on offering liability administration since an administration system is not widely available to support this activity,” the firm added.