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…