  We investigate with angle resolved photoelectron spectroscopy the change of
the Fermi Surface (FS) and the main bands from the paramagnetic (PM) state to
the antiferromagnetic (AFM) occurring below 72 K in Fe_{1.06}Te. The evolution
is completely different from that observed in iron-pnictides as nesting is
absent. The AFM state is a rather good metal, in agreement with our magnetic
band structure calculation. On the other hand, the PM state is very anomalous
with a large pseudogap on the electron pocket that closes in the AFM state. We
discuss this behavior in connection with spin fluctuations existing above the
magnetic transition and the correlations predicted in the spin-freezing regime
of the incoherent metallic state.
