An annuity is a product that can provide you with a lifetime income, typically on retirement. You pay a lump sum to an insurance company and in return receive regular payments for an agreed period. With a life annuity, you would receive payments for the rest of your life whereas with a deferred annuity, your insurer will not start giving you money until either a specified later date, or when you reach a certain age.
Merryn Somerset Webb talks to Yale professor and Nobel Prize winner Robert Shiller about how the power of 'stories' drives the global economy and creates financial bubbles.
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Responding to the need for a single political party to represent the trade unions, the Labour Party was formed on this day in 1900, led by MP Keir Hardie.