Office of Public Sector Information

PART 8 Superannuation schemes and friendly societies

Management fee

30.—(1) A management fee is payable where the public trustee is acting as trustee of a superannuation scheme or is managing funds on behalf of the trustees of a friendly society.

(2) The management fee is payable annually on the accounting date and is charged at an amount commensurate with the amount of work involved and, subject to paragraph (3), the capital value of the Fund on the relevant accounting date as the public trustee may agree with the trustees.

(3) In the event that agreement is not reached in accordance with paragraph (2), the management fee will be 1.25 times the annual fee last charged or, if not actually charged, chargeable, before 1st April 2005.

(4) In this article—

“friendly society” means a society registered as a friendly society under the Friendly Societies Act 1974(9); and

“superannuation scheme” means any scheme established for the provision of superannuation or other benefits for persons entitled to or eligible for such benefits under the scheme.

PART 9 Value added tax

Amount of fee

31.  For the purposes of reimbursing the public trustee in respect of value added tax payable on the supply of services in relation to which a fee (other than a fee payable under article 21 or 22) is charged, an additional fee equal to the amount of the tax is payable.

PART 10 Revocations

Revocation of previous fees orders

32.  The instruments listed in column 1 of the following table (which have the references listed in column 2) are revoked.

EXPLANATORY NOTE

(This note is not part of the Order)

This Order revokes, replaces and consolidates the Public Trustee (Fees) Order 1999 (S.I. 1999/855), as amended. It specifies the fees payable in respect of the duties of the public trustee. In addition to minor amendments, this Order makes the following changes of substance—

Article 16 is amended so as to provide that the administration fee is payable in full, even if the public trustee ceases to act in the estate or trust, or part of it, in the course of the year, rather than the fee being payable in twelve equal instalments which would cease to be payable if the public trustee ceased to act in any estate or trust during the year.

Article 17(4)(a) and (b) is amended so as to increase the relevant percentages of the net capital value of the estate or trust used to calculate the administration fee. In respect of the first £30,000, the relevant percentage rises from 4.65% to 5% and in respect of any excess over £30,000 up to £150,000, the relevant percentage rises from 2.7% to 3%.