Rachel Reeves's upcoming Budget in October has been tipped to be “painful” on savers and pensioners.
One way for Labour to plug the so-called “£22billion black hole” would be to slash the level of tax relief on pension contributions for higher-rate tax-payers, while another could be to cut the size of the tax-free lump sum which can be taken out.
Antonio Simoes, head of one of the largest pension firms in Britain, Legal & General, said savers needed “stability” to convince them to lock their money away long-term.
Though Simoes has remained tight-lipped on specific policies he'd like to see, he said: “What's important is stability.
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“We need people to be investing more for their retirement - and if you keep on changing the incentives, there's no stability.
“It's important individuals are incentivised to lock their money away [and] that we create pools of long-term savings that can be invested in energy and other areas.”
Simoes added: “We want to see stability and we want to encourage long-term savings and productive finance.
“We want more of this money to then be invested in the real economy.”
In the exclusive poll for GB News membership readers, an overwhelming majority (98 per cent) of the 1,502 voters said they are worried about Rachel Reeves's budget, while just two per cent said they weren't.
