SunGard Employee Benefit Systems is to tailor its recordkeeping system, OmniPlus, to meet the demands of the German pension market.
SunGard is working with consultants in Germany to develop a customised version of OmniPlus, which will be able to manage German pension administration requirements and a variety of plan types.
As benefit payments in Germany depend on age, risks and other rules, the product will include a new liabilities administration module as well as the capability to track invested assets and earnings. OmniPlus screens have also been customised to display information in German.
Katrina R-Miglietta, senior vice president of new business development, SunGard Employee Benefit Systems, says: "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."
The vendor says OmniPlus is currently used to manage 70% of 401(k) personal retirement plans in the US.