❓ Mrs Hodson-Thomas questions the Public Trustee's fees for disadvantaged clients, comparing them to banks. The Attorney General clarifies the fee structure, emphasizing discounts and the Public Trustee's unique role.
AnsweredQoN 1751Legislative Assembly
QuestionView source ↗
(1) Does the Public Trustee’s Office have an obligation to disadvantaged members of the community who have a disability, either physical or mental, are in receipt of a disability pension and whose finances are administered by the Office of the Public Trustee, to offer its services on the same compassionate grounds as other financial institutions, such as banks?
(2) If not, why are these members of the community required to pay fees as charged by the Office of the Public Trustee (i.e. Public Trustee Management Fee and Public Trustee Income Fee) when, in these current economic times, other financial institutions are absorbing bank related fees on behalf of such clients?
(2) If not, why are these members of the community required to pay fees as charged by the Office of the Public Trustee (i.e. Public Trustee Management Fee and Public Trustee Income Fee) when, in these current economic times, other financial institutions are absorbing bank related fees on behalf of such clients?
AnswerView source ↗
Answered
11 June 2002
Response time
35 days
The Public Trustee’s services are often supplied at a significant discount to the cost of provision of the service, and the client’s ability to pay is generally factored in to the fee charged. Many fees are charged on a percentage basis, resulting in a lower fee for those who have fewer assets. Other fees are charged on a sliding scale, so that those with fewer assets pay less. The Office of the Public Trustee does not set its own fees, except in rare circumstances. Fees are set by Parliament in the Public Trustee Act 1941 , or in the Public Trustee Regulations . For example, the fee payable on income consisting of receipts of pensions or benefits in respect of unemployment, age, sickness, invalidity or war service is 3% of the amount received, where the client has a balance of $2 000 or more. Where the client has a balance of less than $2,000, there is no charge made. The Public Trustee is not a bank. It is a trustee organisation that provides personal financial management to clients, regardless of their ability to pay. Banks generally do not provide the services that are offered by trustee companies.
For example, the fee payable on income consisting of receipts of pensions or benefits in respect of unemployment, age, sickness, invalidity or war service is 3% of the amount received, where the client has a balance of $2 000 or more. Where the client has a balance of less than $2,000, there is no charge made. The Public Trustee is not a bank. It is a trustee organisation that provides personal financial management to clients, regardless of their ability to pay. Banks generally do not provide the services that are offered by trustee companies.
The Public Trustee is not a bank. It is a trustee organisation that provides personal financial management to clients, regardless of their ability to pay. Banks generally do not provide the services that are offered by trustee companies.
For example, the fee payable on income consisting of receipts of pensions or benefits in respect of unemployment, age, sickness, invalidity or war service is 3% of the amount received, where the client has a balance of $2 000 or more. Where the client has a balance of less than $2,000, there is no charge made. The Public Trustee is not a bank. It is a trustee organisation that provides personal financial management to clients, regardless of their ability to pay. Banks generally do not provide the services that are offered by trustee companies.
The Public Trustee is not a bank. It is a trustee organisation that provides personal financial management to clients, regardless of their ability to pay. Banks generally do not provide the services that are offered by trustee companies.
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