Public Trustee (Fees) Rules 2010

There shall be paid to the Public Trustee, upon receipt of such amount payable to the Public Trustee out of the Central Provident Fund under section 25(3) or 25A(1) of the Central Provident Fund Act 1953, out of the Edusave Pupils Fund under section 18 of the Education Endowment and Savings Schemes Act 1992 or the Post-Secondary Education Fund under section 27 of the Education Endowment and Savings Schemes Act 1992, or under section 6 of the Child Development Co-Savings Act 2001 in respect of the Child Development Co-Savings Scheme for disposal to or to be held in trust for the benefit of persons entitled thereto, a fee charged on the amount received at the applicable rates set out below —

Where any portion of an amount paid to the Public Trustee under section 25A(1) of the Central Provident Fund Act 1953, section 18 or 27 of the Education Endowment and Savings Schemes Act 1992, or section 6 of the Child Development Co-Savings Act 2001 for disposal is thereafter held in trust for the benefit of a minor beneficiary, no further fee shall be charged on the amount so held in trust for the benefit of the minor beneficiary in addition to the fee charged under paragraph (1).

If at any time after the receipt of such amount referred to in paragraph (1), any additional amount is received under section 25(3) or 25A(1) of the Central Provident Fund Act 1953, section 18 or 27 of the Education Endowment and Savings Schemes Act 1992, or section 6 of the Child Development Co-Savings Act 2001, in respect of the death of the same member of the Fund or Scheme, as the case may be, there shall be paid to the Public Trustee in respect of the additional amount a further fee as would raise the total fees to the amount which would have been payable on the aggregate of all amounts received under section 25(3) or 25A(1) of the Central Provident Fund Act 1953, section 18 or 27 of the Education Endowment and Savings Schemes Act 1992, or section 6 of the Child Development Co-Savings Act 2001, in respect of the death of the same member of the Fund or Scheme, as the case may be.

There shall be paid to the Public Trustee, upon receipt of such amount payable to the Public Trustee under section 6 or 9 of the Motor Vehicles (Third-Party Risks and Compensation) Act 1960 in respect of death or bodily injury arising out of the use of a motor vehicle, which is to be held by the Public Trustee in trust in favour of a person who is entitled thereto, a fee charged on the amount received at the applicable rates set out below —

If at any time after the receipt of such amount referred to in paragraph (1), any additional amount is received under section 6 or 9 of the Motor Vehicles (Third-Party Risks and Compensation) Act 1960 in respect of the same death or bodily injury arising out of the use of a motor vehicle, there shall be paid to the Public Trustee in respect of the additional amount a further fee as would raise the total fees to the amount which would have been payable on the aggregate of all the amounts received under section 6 or 9 of that Act in respect of the same death or bodily injury arising out of the use of a motor vehicle.

There shall be paid to the Public Trustee, upon the acceptance by the Public Trustee of a trust under the Act or any other written law (other than a trust referred to in rule 4 or 5), a fee charged on the gross capital value of the trust property at the applicable rates set out below —

For the purpose of ascertaining the amount of any fee payable under this rule, the date of acceptance of a trust shall be taken to be either the date upon which the trust is actually accepted or such other date as the Public Trustee may determine in each particular case.

If at any time after the acceptance of a trust referred to in paragraph (1), any property (not being income arising from investments made by the Public Trustee out of the trust property) becomes subject to the trust, in addition to the property already comprised therein, there shall be paid to the Public Trustee in respect of the additional property a further fee as would raise the total fees to the amount which would have been payable on the aggregate of the trust property comprised in that trust.

There shall be paid to the Public Trustee, upon receipt of income arising from investments made by the Public Trustee out of the trust property, a fee charged on the amount received at the applicable rates set out below —

If at any time after the receipt of such income referred to in paragraph (1), any additional income is received by the trust from investments made out of the trust property comprised in the same trust, there shall be paid to the Public Trustee in respect of the additional income a further fee as would raise the total fees to the amount which would have been payable on the aggregate of the income received in respect of the investments made out of the trust property comprised in that same trust.

Where it appears to the Public Trustee that the circumstances of a trust of which he is or may be appointed a trustee, a receiver or an administrator, are such as to render his duties in relation thereto exceptionally onerous or otherwise of an exceptional character, he may, with the approval of the Minister, charge a special fee in respect of such duties in addition to the fees payable.

Where it appears to the Public Trustee that the circumstances of a trust of which he is or may be appointed a trustee, a receiver or an administrator, are such as to render his duties exceptionally simple, or of an exceptional or public character, he may charge a reduced fee or waive any fee.

Subject to paragraphs (2), (3) and (4), these Rules shall apply to all trusts accepted by the Public Trustee on or after 1st May 2010.

Rule 6(3) shall apply to any additional property that, on or after 1st May 2010, becomes subject to a trust administered by the Public Trustee, regardless of whether the trust was accepted by the Public Trustee for administration before, on, or after that date, provided that where the trust was accepted by the Public Trustee for administration before that date, the further fee shall be computed as if any fee previously paid had been paid under rule 6.

Rule 7(1) shall apply to any income received on or after 1st May 2010, regardless of when the investments were made out of the trust property.

Rule 7(2) shall apply to any additional income received on or after 1st May 2010, provided that where any income had been received by the trust before that date, the further fee on additional income shall be computed as if any fee previously paid had been paid under rule 7.