Legal & General plans to cut about 1,000 jobs by mid-2027, roughly a tenth of its workforce, as chief executive António Simões seeks to create a leaner organisation. The insurer and pensions firm said the restructuring is the next stage of its transformation and will initially rely on voluntary redundancies in the UK, though compulsory cuts may follow if insufficient employees opt to leave.

Most of L&G’s 10,000 staff are UK-based, while its fund management division, overseeing £1.2tn in assets, is excluded from the programme because it has a separate restructuring plan. Since taking over in 2024, Simões has simplified the group, sold non-strategic assets including Cala Homes, focused more closely on pensions and pledged to return more than £5bn to shareholders by 2027; L&G expects strong growth from an estimated £500bn UK pensions market and about £1bn in monthly auto-enrolment inflows.