§ Mr. Percivalasked the Attorney-General when the opportunity of a transfer of trusts to banks, insurance companies and others, free of expense to the trust and its beneficiaries, as envisaged in the White Paper on the Future of the Public Trustee Office, Command Paper No. 4913, will be available to those willing to avail themselves of it.
The Solicitor-General:As stated in the White Paper, full implementation of this proposal will depend on the outcome of discussions with the corporate trustees. It will also require legislation. If the Public Trustee retires from a trust in the meantime, the legal and other costs will have to be met out of the trust funds.
A withdrawal fee will also normally be due to the Public Trustee, who however, has power under paragraph 8 of the Public Trustee (Fees) Order 1969 (S.I. 1969 No. 513) to remit fees in certain circumstances with the consent of the Treasury. On the occasion of any transfer of his trusteeship in advance of the contemplated legislation it would be for the Public Trustee to decide whether any or all of the withdrawal fee should be remitted. I understand that, in regard to trusts transferred in anticipation of the proposed legislation, the Public Trustee will consider sympathetically applications for the waiving of this fee.