Q&As

A Will, with a trust therein, contains a standard charging clause from the 1930s for a bank, which is acting as a trustee. Would section 29 of the Trustee Act 2000 now come in to play if the bank’s standard charging clause is unreasonable?

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Published on: 28 April 2022
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We have assumed that the beneficiaries of the trust believe that the trustees’ Remuneration, charged in accordance with the express charging clause in the trust instrument, is unreasonably excessive.

Section 28 of the Trustee Act 2000 (TA 2000) applies to potentially widen an existing charging clause in a trust. If that charging clause gives a power to a trustee who is ‘acting in a professional capacity’ or is a Trust corporation to receive payment out of trust funds in respect of services provided to, or on behalf of, the trust, such provision is extended by section 28 to services even if they are

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United Kingdom
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Key definition:
Remuneration definition
What does Remuneration mean?

In a defined benefit scheme, the amount of pension earned is invariably related to the amount of salary; HMRC calls this remuneration. So far as scheme rules or an employer's policy is concerned, it can include or exclude bonuses, commission and other fluctuating emoluments.

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