PENSIONERS and people on low incomes whose affairs are being managed by the Public Trustee will pay less under changes announced this month.
The decision follows a review of the organisation’s fee structures after legal services urged a change to fees of about $1500 per year for even the most disadvantaged clients.
People have their money managed by the Public Trustee if they are unable to manage it themselves, typically because they have a severe intellectual disability.
About 500 clients will be affected by the changes, many in nursing homes or group homes.
Attorney-General Vanessa Goodwin said the changes meant that Tasmania would go from being the highest-charging jurisdiction for many represented people to among the lowest.
The current fee is 6.6 per cent of income, including pension income, and 2.2 per cent on the value of all assets, as well as establishment and other fees including a $13.50 per month account fee.
The changes will eliminate capital commissions and monthly account fees for represented people with less than $100,000 in assets and reduce income commissions from 6.6 to 2.75 per cent, or zero for people with assets under $10,000.
The government and the Public Trustee will jointly fund the cost of the changes, with the government increasing funding to the Public Trustee by $250,000 from 2016-17.
Public Trustee chief executive David Benbow said the outcome of the review was welcome.
“For many of the low income earners and the disadvantaged in the community with whom we work, the review of our fee structure and the acceptance of its recommendations will ensure meaningful outcomes,” he said.
