(This note is not part of the Order)
This Order further amends the Public Trustee (Fees) Order 1999 (S.I.1999/855) (“the Order”) which was previously amended by the Public Trustee (Fees) (Amendment) Order 2002 (S.I.2002/2232).
The Order comes into force on 1st April 2003, in relation to fees payable on or after that date, with one exception. The exception is for the amendments relating to remission of withdrawal fees upon retirement to apply to any such fees payable on or after 1st April 2001.
The table below sets out where fees have been increased. In addition—
a
Article 2 extends the power of the Public Trustee to consider remission of fees so that the whole or any part of a fee may be remitted where the Public Trustee considers it equitable to do so having regard to—
the nature and character of the estate, trust or other matter;
the work conducted in respect of which the fee is charged; and
the impact of the fee upon a beneficiary or beneficiaries.
b
Articles 6 and 7 deal with the “withdrawal fee”. Article 6 relates to the circumstances when a withdrawal fee is payable by institutional funds. It confirms that, as with estates and trusts, this is payable upon partial or full withdrawal of the capital of the scheme, as well as upon the Public Trustee ceasing to act in the matter. Article 7 amends the method of calculating the withdrawal fee so that the fee will be twice the annual administration fee where the Public Trustee is retiring or four times this fee in any other case, subject to a maximum fee of 7.5 per cent of the fund’s value.
c
Article 9 amends the method of calculating the management fee payable in Part VII of the Order so that where the Public Trustee and the trustees cannot agree the management fee to be paid, it shall be set by the Public Trustee but such a fee shall not exceed 1.58 times the fee applicable immediately before 1st April 2003.
Description of Fee | Current Fee | New Fee |
|---|---|---|
Article 11(2): Executorship Fee | ||
| 5.5% | 7.7% |
in respect of any excess over £50,000 up to £75,000 | 4% | 6% |
in respect of any excess over £75,000 up to £100,000 | 2% | 3% |
in respect of any excess over £100,000 upwards | 1% | 2% |
but so the fee payable shall be no less than | £550 | £770 |
| £100 | £150 |
Article 17(4): Amount of administration fee | ||
in respect of the first £30,000 | 1.38% | 2.25% |
in respect of any excess over £30,000 up to £150,000 | 1.15% | 1.75% |
in respect of any excess over £150,000 up to £375,000 | 0.75% | 1.25% |
in respect of any excess over £375,000 up to £2,500,000 | 0.5% | 0.75% |
in respect of excess over £2,500,000 | 0.2% | 0.25% |
but so that the fee payable shall be no less than | £30 | £60 |
Article 18: administration fee for annuities | 3.5% | 5% |
Article 24(1): income collection fee | 3.5% | 5% |
Article 29 | ||
| £20 | £40 |
| £10 | £20 |