Siemens, the German industrial giant, has embarked on a reorganisation of its €20bn ($18bn) pension funds. It is aiming for a 20% saving on fees paid to advisers within two years.

Wolfgang Lotze, head of the pension advisory team within Siemens Financial Services, said his funds were on target to achieve the savings, which could amount to 'significantly more' than 20% in due course. He said that Siemens' plan to get an additional listing in the US in March has helped stimulate reform: 'We need to deal with these things in a more transparent fashion.'