How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Sam Your Own Question
Sam, Accountant
Category: Tax
Satisfied Customers: 8659
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Type Your Tax Question Here...
Sam is online now

Need an advisor, no, about transfer overseas

Customer Question

need an advisor
JA: Have you talked to a tax professional about this?
Customer: no
JA: Anything else you want the Accountant to know before I connect you?
Customer: about transfer overseas
Submitted: 7 months ago.
Category: Tax
Customer: replied 7 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 7 months ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 7 months ago.
My company has made me redundant. They are based in Poland and they were not able to open a UK bank account during the period I was working for them here in London. Therefore, they have been unable to operate and enroll me into a qualifying pension scheme but my pension has been held in an appropriate dedicated Company bank account there, they say.Now they are offering me two option to receive these payments:1. To personally enroll into a qualifying pension scheme. And after I successfully enroll to a selected scheme and provide them the necessary details, i.e. name of provider, account name and number (with IBAN and Sort Code), plan number and then they will transfer the pension payment into the selected scheme.2. To receive the pension payment as a lump sum payment into a personal bank account.PS: This company was my first employer in the UK and I don’t have any pension scheme set yet.Now my questions are:* Will I be able to transfer this money to a QROPS in the UK? Will I pay tax then?
* What will be legal implications I will face if I choose to receive these as a lump sum payment into a personal bank account?
* If I choose to put it into a personal bank account will I be able to transfer this to a pension scheme later? Will I pay tax then?Well, as you can see above I really need help from a pension / tax advisor to look deep into my situation...Looking forward to hearing from you!Thanks
Expert:  Virtual-mod replied 7 months ago.

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Expert:  Nicola-mod replied 7 months ago.
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,