What fees charge for holding in trust nominated CPF monies for a minor?
The fees charged for holding nominated CPF monies in trust for a minor under the Public Trustee (Fees) Rules 2010 are:
Amount of CPF monies | Charge |
For the first $1,000 | 2.400% |
For the next $9,000 | 1.500% |
For the next $240,000 | 0.750% |
For the next $250,000 | 0.450% |
For amounts over $500,000 | 0.300% |
These are one-time fees, which we will take from the nominated CPF monies. The fees include GST and cannot be waived. A minimum fee of $15 is chargeable.
The monies held in trust for the minor is invested by the Public Trustee according to law. The investment earns interest for the minor from year to year. Whenever interest is to be paid to the minor, a fee is imposed on the amount of the interest. The net interest amount (less the fee) is paid into the minor's trust fund. The fees charged on the interest under the Public Trustee (Fees) Rules 2010 are:
Amount of Interest Earned | Charge |
For the first $1,000 | 5.50% |
For the next $1,000 | 4.50% |
For the next $1,000 | 3.50% |
For amounts in excess of $3,000 | 2.25% |
The fees include GST and cannot be waived.
Related questions
