Public Trustee (Fees) (Amendment) Order 2003 No. 690

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STATUTORY INSTRUMENTS

2003 No. 690
TRUSTEES, ENGLAND AND WALES
Public Trustee (Fees) (Amendment) Order 2003

	Made	5th March 2003
	Coming into force	1st April 2003

The Lord Chancellor, in exercise of the powers conferred upon him by section 9 of the Public Trustee Act 1906[1], as extended by section 1 of the Public Trustee (Fees) Act 1957[2], makes the following Order:

Citation, commencement and interpretation
     1. - (1) This Order may be cited as the Public Trustee (Fees) (Amendment) Order 2003 and shall come into force on 1st April 2003.

    (2) In this Order an article referred to by number alone means the article so numbered in the Public Trustee (Fees) Order 1999[3].

Amendments to the Public Trustee (Fees) Order 1999
     2. In article 7(2) for paragraph (b) substitute -

3. In article 11(2) -

(a) for the words from "in respect of the first Ł50,000" to the words "shall not be less than Ł550." substitute -

"in respect of the first Ł50,000	7.7 per cent
in respect of any excess over Ł50,000 up to Ł75,000	6 per cent
in respect of any excess over Ł75,000 up to Ł100,000	3 per cent
in respect of any excess over Ł100,000 upwards	2 per cent
but so that the fee payable shall not be less than Ł770."; and

(b) in paragraph (b) of the proviso, for "Ł100" substitute "Ł150".

"in respect of the first Ł30,000	2.25 per cent
in respect of any excess over Ł30,000 up to Ł150,000	1.75 per cent
in respect of any excess over Ł150,000 up to Ł375,000	1.25 per cent
in respect of any excess over Ł375,000 up to Ł2,500,000	0.75 per cent
in respect of any excess over Ł2,500,000	0.25 per cent
but so that the fee payable shall not be less than Ł60.".

5. In article 18 for "3.5 per cent" substitute "5 per cent".

6. - (1) In article 19 for the words from "A withdrawal fee shall be payable" to "except where" substitute -

" A withdrawal fee shall be payable -

whether upon retirement or otherwise; or

(b) upon the withdrawal or distribution of any part of the estate or the trust property, or, as the case may be, of the capital of a scheme or fund under Part VII of this Order,

except where".

(2) In sub-paragraph (iv) of article 19, after "trust property" insert "or, as the case may be, capital of a scheme or fund under Part VII of this Order".

7. In article 20 -

(a) in paragraph (2) for the words from "The relative percentage" to the words "withdrawal or distribution" substitute -

" (2) The relative percentage shall be -

(b) in paragraph (3) for "1 2/13 per cent" substitute "3.75 per cent where the Public Trustee ceases to act upon retirement and 1.875 per cent in any other case".

(c) after paragraph (3) insert -

" (4) Where some or all of a fee has been remitted, the references in this article to administration or management fee charged shall mean such fee as would have been charged but for the remission.".

8. In article 24(1) for "3.5 per cent" substitute "5 per cent".

9. In article 29 -

(a) in paragraph (a) for "Ł20" substitute "Ł40"; and

(b) in paragraph (b) for "Ł10" substitute "Ł20".

10. In article 30 -

(a) in paragraph (2) after "and" insert ", subject to paragraph (3),"; and

(b) after paragraph (2) insert -

" (3) In the event that agreement is not reached in accordance with paragraph (2), the management fee shall be 1.58 times the annual fee last charged or, if not actually charged, chargeable, before 1st April 2003.".

Transitional provision
11. - (1) Article 2 of this Order has effect in relation to a withdrawal fee payable upon the Public Trustee ceasing to act in any scheme or fund under Part VII of the Public Trustee (Fees) Order 1999, or in any estate or trust, upon retirement, where the fee was payable on or after 1st April 2001.

(2) Subject to paragraph (1), this Order has effect only in relation to fees payable on or after 1st April 2003, and in relation to fees payable before that date the Public Trustee (Fees) Order 1999 shall have effect as if this Order had not been made.

Signed by authority of the Lord Chancellor

Rosie Winterton
Parliamentary Secretary, Lord Chancellor's Department

Dated 5th March 2003

EXPLANATORY NOTE

(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 -

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

(a) in respect of the first Ł50,000

5.5% 7.7%

in respect of any excess over Ł50,000 up to Ł75,000 4% 6%

in respect of any excess over Ł75,000 up to Ł100,000 2% 3%

in respect of any excess over Ł100,000 upwards 1% 2%

but so the fee payable shall be no less than Ł550 Ł770

(b) where the Public Trustee is acting as personal representative of deceased statutory owner or tenant for life

Ł100 Ł150

Article 17(4): Amount of administration fee

in respect of the first Ł30,000 1.38% 2.25%

in respect of any excess over Ł30,000 up to Ł150,000 1.15% 1.75%

in respect of any excess over Ł150,000 up to Ł375,000 0.75% 1.25%

in respect of any excess over Ł375,000 up to Ł2,500,000 0.5% 0.75%

in respect of excess over Ł2,500,000 0.2% 0.25%

but so that the fee payable shall be no less than Ł30 Ł60

Article 18: administration fee for annuities 3.5% 5%

Article 24(1): income collection fee 3.5% 5%

Article 29

(a) Fee for entering details of documents on the register

Ł20 Ł40

(b) Fee for causing a search of the register to be made

Ł10 Ł20

Notes:

[1] 1906 c. 55. Section 9 was amended by section 2(1) of the Public Trustee (Liability and Fees) Act 2002 (c. 35).back

[2] 1957 c. 12. Section 1 was amended by section 2(3) of the Public Trustee (Liability and Fees) Act 2002.back

[3] S.I. 1999/855 amended by S.I. 2002/2232.back

ISBN 0 11 045270 4

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	United Kingdom Statutory Instruments
You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> Public Trustee (Fees) (Amendment) Order 2003 No. 690 URL: http://www.bailii.org/uk/legis/num_reg/2003/20030690.html

Description of Fee	Current Fee	New Fee
Article 11(2): Executorship Fee
(a) in respect of the first Ł50,000	5.5%	7.7%
in respect of any excess over Ł50,000 up to Ł75,000	4%	6%
in respect of any excess over Ł75,000 up to Ł100,000	2%	3%
in respect of any excess over Ł100,000 upwards	1%	2%
but so the fee payable shall be no less than	Ł550	Ł770
(b) where the Public Trustee is acting as personal representative of deceased statutory owner or tenant for life	Ł100	Ł150
Article 17(4): Amount of administration fee
in respect of the first Ł30,000	1.38%	2.25%
in respect of any excess over Ł30,000 up to Ł150,000	1.15%	1.75%
in respect of any excess over Ł150,000 up to Ł375,000	0.75%	1.25%
in respect of any excess over Ł375,000 up to Ł2,500,000	0.5%	0.75%
in respect of excess over Ł2,500,000	0.2%	0.25%
but so that the fee payable shall be no less than	Ł30	Ł60
Article 18: administration fee for annuities	3.5%	5%
Article 24(1): income collection fee	3.5%	5%
Article 29
(a) Fee for entering details of documents on the register	Ł20	Ł40
(b) Fee for causing a search of the register to be made	Ł10	Ł20