Legal & General CEO Antonio Simoes urges UK to avoid deterring pension savers with tax changes in November budget. He emphasizes the need for clarity to prevent uncertainty that could hinder investment. Simoes also aims to improve investor confidence in L&G’s strategy for growth and performance.

Simoes backs UK government reforms but expresses concerns about investor worries affecting L&G’s stock. He believes Britain’s economy and fiscal sustainability are crucial for L&G’s success. Rival Aviva sees stock rise as it focuses on less capital-intensive business lines.

Simoes leads L&G through a “show-me” phase, aiming to simplify the company and deliver bigger returns. He seeks to convince investors of the growth potential and plans to return 5 billion pounds, including through buybacks. Analysts raise concerns about pension buy-out market slowing down, but Simoes sees it accelerating.

L&G’s institutional retirement arm, focused on pension buy-outs, remains a key profit contributor. The company plans to invest in asset management and retail units to prepare for the peak in defined benefit schemes. Executives aim to discuss growth plans for retail unit offering annuities and pensions, highlighting opportunities in the UK market.

Read more at Yahoo Finance: British budget fears clouding L&G revamp, says CEO