Minors Trust

The Fiji Public Trustee administers trusts on behalf of minors in the following circumstances:

FNPF/Superannuation minor nomination. At the death or demise of a FNPF contributor, funds nominated to minors will be administered under section 35(2) of the Fiji National Provident Fund Act, Cap. 219.  These funds are held in trust and administered for the benefit of the minor by the Fiji Public Trustee.

Compensation paid to a minor whereby the court appoints the Fiji Public Trustee as trustee of the trust fund.

When a minor is entitled to receive life insurance proceeds or money from an estate or trust and there is no other guardian of the child’s estate willing or able to act, at the request of a member of the public when it appears appropriate to do so. In Fiji, the legal age of majority is 18. A minor is anyone who has not yet turned 18.

FNPF MINOR FUNDS

On the death of an FNPF contributor, funds nominated to minors will be administered under section 57 (2) (3) of the Fiji National Provident Fund Decree 2011 which states that the FNPF monies of minors are paid to the High Court for distribution according to Law.

The Fiji Public Trustee Corporation Limited, as an independent and impartial expert, acts as a trustee for minors’ funds and may act on behalf of the guardian to acquire the funds for the minor from the High Court. It is our role to:

• Make sure the trust fund is properly administered in the best interests of the child.
• Invest funds prudently, to ensure the funds last till majority age.
• Make appropriate payments of necessary expenditure for the child’s wellbeing.

With expertise and years of experience, FPTCL manages and administers thousands of trust accounts and is the leading and most preferred minor trustee service provider in Fiji.

FNPF REMITTANCE CHECKLIST

For all applications to the High Court the following documents are required to be produced:

• Letter from FNPF confirming that funds have been transferred to High Court
• Death Certificate of the Deceased
• Copy of the FNPF/ Joint card of deceased/ Tin Letter
• Marriage Certificate (If deceased is married)
• Copy of birth certificate of all children in the issues printed on the Death Certificate
• If the guardian/mother of the surviving spouse of Deceased (ID to be printed)

Appointment of the Fiji Public Trustee

Trust refers to executors and administrators.

• Executor refers to wills in which the Fiji Public Trustee is appointed as executor.
• Administrator refers to appointments made by the High Court of Fiji through a court order.

Overall, it is paramount to appoint the right trustee. A trustee is expected to act prudently in the best interest of the beneficiaries and to ensure trust monies are managed in accordance with legislation.

Fiji Public Trustee Corporation Limited offers the best trust administration service in Fiji which is transparent and ensures the satisfaction of our clients.

Trust Services are managed by the Manager Estates & Trusts, a Trust Supervisor and a team of Trust Officers. Their major role is the administration of Trust Funds, including the acceptance, full settlement, withdrawal and other legal works required by the trust in accordance with the relevant Acts. The Finance section deals with the maintenance of the trust accounts and the investments of the trust funds.

1) What is the Fiji Public Trustee’s duties in managing minor trusts?

Like any trustee, the Fiji Public Trustee must protect trust assets and ensure they are handled, invested and distributed appropriately until the minor turns 18 or other age specified in the trust document.

Our office has policies in place to help our trust administrators in making decisions about minor trusts.

The Fiji Public Trustee’s duties as trustee are to:

• Hold and protect trust funds until the child turns 18.
• Invest the funds during the term of the trust.
• Make appropriate disbursements from the trust.
• Payout the funds to the child after he or she turns 18.

2) Why does the Fiji Public Trustee administer minor trusts?

As a trustee corporation the Fiji Public Trustee may be appointed under Section 8 (1) of the Trustee Act, Cap. 65 to lawfully act as the sole trustee in respect of any trust.

Fiji Public Trustee takes on the important role of administering minors’ trusts as it is the leader in professional management of estates and trusts, through adherence to relevant Acts and sound partnership with customers and stakeholders.

Our duty to administer a trust could arise in a number of ways, including the following:

• FNPF/Superannuation minor nomination. On the death of an FNPF contributor, funds nominated to minors will be administered under section 35(2) of the Fiji National Provident Fund Act, Cap. 219. These funds are held in trust and administered for the benefit of the minor by the Fiji Public Trustee.
• Compensation paid to a minor whereby the court appoints the Fiji Public Trustee as trustee of the trust fund.
• When a minor is entitled to receive life insurance proceeds or money from an estate or trust and there is no other guardian of the child’s estate willing or able to act.
• At the request of a member of the public when it appears appropriate to do so.

3) How is trust money invested?

A trust account is established for each individual minor. Money in these accounts is invested in a common pool fund which is managed by the Fiji Public Trustee. These funds earn better interest than single accounts.

Investment decisions are made by the Board of Directors maximizing high returns within prudential guidelines.

4) Does each trust account earn interest?

interest earned from the investment of money is paid to the trust account annually.

5) Does the Fiji Public Trustee charge fees to administer a trust?

Yes, the Fiji Public Trustee does not receive funding from government, so we must charge fees for our services. These fees are set out in our Fee Schedule.

6) When is trust money paid out?

The money is paid out to the child as soon as possible after he or she turns 18, or other later age specified in the trust document, or if the minor marries or a court orders us to pay it.

7) How is trust money paid out?

Refer to the Withdrawal Application Process

8) Is there a minimum withdrawal?

The minimum is 50 % of the capital or the principal sum.