Ten tell-tale signs that you are being targeted by conmen

A COLD-CALL about your pension from a credible sounding salesman. The person might also claim to be from an official body such as Pension Wise, which never makes unsolicited calls. OFFICIAL-looking websites that often give a PO Box address – usually rented short-term – or a mobile phone number for contact details. A CLONED business name. Criminals often pick a trading name closely aligned to that of a regulated company.

So if a person searches for it on the internet the name of the legitimate firm crops up, tricking them into thinking they are dealing with a regulated outfit.

The Financial Conduct Authority lists many of these clones – visit fca.org.uk. LITTLE information on websites or in marketing material detailing the specifics of the investments. A PROMISE of high returns from a low-risk investment. LACK of paperwork, a contract or contact information given out by the salesman calling on the phone or visiting in person. A SUGGESTION that you move your workplace pension to a self-invested personal pension or to a qualifying recognised overseas pension scheme to take advantage of an investment opportunity.

These pension wrappers allow investment freedom – which can be positive.

However, they can also be potentially dangerous. YOU are put under pressure to make a quick decision. CLAIMS to know of tax loopholes that allow you to access a pension early or take large chunks of your fund tax-free. NO MENTION whatsoever of any fees that are going to be levied.