Workers approaching retirement could be hit by significantly weaker annuity rates as the eurozone's economy enters a technical recession, an adviser group has warned.
The warning came from deVere Group chief executive Nigel Green after Markit's Composite Purchasing Manager's Index (PMI) reported growth in the euro block fell from 46.1 in September to 45.8 this month. The PMI has shown the eurozone economy contracted 0.2% in the second quarter and that it is predicted to have shrunk 0.3% in the third quarter. Green said: "Things are clearly getting worse in the eurozone because the problems are now affecting Germany and France, the bloc's economic engines, and not just the peripheral countries. "The deepening of the eurozone crisis means yet more...
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