Trustee Act 2000
Part I The Duty of Care
1 The duty of care.
2 Application of duty of care.
Part II Investment
3 General power of investment.
4 Standard investment criteria.
5 Advice.
6 Restriction or exclusion of this Part etc.
7 Existing trusts.
Part III Acquisition of Land
8 Power to acquire freehold and leasehold land.
9 Restriction or exclusion of this Part etc.
10 Existing trusts.
Part IV Agents, nominees and custodians
Agents
11 Power to employ agents.
12 Persons who may act as agents.
13 Linked functions etc.
14 Terms of agency.
15 Asset management: special restrictions.
Nominees and custodians
16 Power to appoint nominees.
17 Power to appoint custodians.
18 Investment in bearer securities.
19 Persons who may be appointed as nominees or custodians.
20 Terms of appointment of nominees and custodians.
Review of and liability for agents, nominees and custodians etc.
21 Application of sections 22 and 23.
22 Review of agents, nominees and custodians etc.
23 Liability for agents, nominees and custodians etc.
Supplementary
24 Effect of trustees exceeding their powers.
25 Sole trustees.
26 Restriction or exclusion of this Part etc.
27 Existing trusts.
Part V Remuneration
28 Trustee’s entitlement to payment under trust instrument.
29 Remuneration of certain trustees.
30 Remuneration of trustees of charitable trusts.
31 Trustees’ expenses.
32 Remuneration and expenses of agents, nominees and custodians.
33 Application.
Part VI Miscellaneous and Supplementary
34 Power to insure.
35 Personal representatives.
36 Pension schemes.
37 Authorised unit trusts.
38 Common investment schemes for charities etc.
39 Interpretation.
40 Minor and consequential amendments etc.
41 Power to amend other Acts.
42 Commencement and extent.
43 Short title.
SCHEDULES
SCHEDULE 1 Application of duty of care
Investment
1The duty of care applies to a trustee—
Acquisition of land
2The duty of care applies to a trustee—
Agents, nominees and custodians
3(1) The duty of care applies to a trustee—
Compounding of liabilities
4The duty of care applies to a trustee—
Insurance
5The duty of care applies to a trustee—
Reversionary interests, valuations and audit
6The duty of care applies to a trustee—
Exclusion of duty of care
7The duty of care does not apply if or in...
SCHEDULE 2 Minor and consequential amendments
Part I The Trustee Investments Act 1961 and the Charities Act 1993
The Trustee Investments Act 1961 (c.62)
1(1) Sections 1, 2, 5, 6, 12, 13 and 15...
The Charities Act 1993 (c.10)
2(1) Omit sections 70 and 71. (2) In section 86(2)...
Part II Other Public General Acts
The Places of Worship Sites Act 1873 (c.50)
3In section 2 (payment of purchase money, etc.) for “shall...
The Technical and Industrial Institutions Act 1892 (c.29)
4In section 9 (investment powers relating to proceeds of sale...
The Duchy of Cornwall Management Act 1893 (c.20)
5The 1893 Act is hereby repealed.
The Duchy of Lancaster Act 1920 (c.51)
6In section 1 (extension of powers of investment of funds...
The Settled Land Act 1925 (c.18)
7In section 21 (absolute owners subject to certain interests to...
8In section 39 (regulations respecting sales), in subsection (2), in...
9In section 73 (modes of investment or application), in subsection...
10(1) In section 75 (regulations respecting investment, devolution, and income...
11After section 75 insert— Power to accept charge as security...
12Omit section 96 (protection of each trustee individually).
13In section 98 (protection of trustees in particular cases), omit...
14Omit section 100 (trustees’ reimbursements).
15In section 102 (management of land during minority or pending...
16(1) In section 104 (powers of tenant for life not...
17In section 107 (tenant for life deemed to be in...
The Trustee Act 1925 (c.19)
18Omit Part I (investments).
19In section 14 (power of trustees to give receipts) in...
20In section 15 (power to compound liabilities), for “in good...
21Omit section 21 (deposit of documents for safe custody).
22In section 22 (reversionary interests, valuations, and audit)—
23Omit section 23 (power to employ agents).
24Omit section 30 (implied indemnity of trustees).
25In section 31(2) (power to invest income during minority) for...
The Land Registration Act 1925 (c.21)
26In section 94(1) (registered land subject to a trust to...
The Administration of Estates Act 1925 (c.23)
27In section 33, in subsection (3) (investment during minority of...
28In section 39 (powers of management) after subsection (1) insert—...
The Universities and College Estates Act 1925 (c.24)
29In section 26 (modes of application of capital money) in...
The Regimental Charitable Funds Act 1935 (c.11)
30In section 2(1) (application of funds held on account of...
The Agricultural Marketing Act 1958 (c.47)
31(1) In section 16 (investment of surplus funds of boards)...
The Horticulture Act 1960 (c.22)
32In section 13 (miscellaneous financial powers of organisations promoting home-grown...
The House of Commons Members’ Fund Act 1962 (c.53)
33(1) In section 1 (powers of investment of trustees of...
The Betting, Gaming and Lotteries Act 1963 (c.2)
34In section 25(1) (general powers and duties of the Horserace...
The Cereals Marketing Act 1965 (c.14)
35(1) In section 18, in subsection (2) (Home-Grown Cereals Authority’s...
The Agriculture Act 1967 (c.22)
36(1) In section 18, in subsection (2) (Meat and Livestock...
The Solicitors Act 1974 (c.47)
37In Schedule 2, for paragraph 3 (power of Law Society...
The Policyholders Protection Act 1975 (c.75)
38In Schedule 1, in paragraph 7, for sub-paragraph (1) (power...
The National Heritage Act 1980 (c.17)
39In section 6 for subsection (3) (powers of investment of...
The Licensing (Alcohol Education and Research) Act 1981 (c.28)
40In section 7 (powers of investment of Alcohol Education and...
The Fisheries Act 1981 (c.29)
41For section 10 (powers of investment of Sea Fish Industry...
The Duchy of Cornwall Management Act 1982 (c.47)
42For section 1 (powers of investment of Duchy property) substitute—...
43In— (a) section 6(3) (Duchy of Cornwall Management Acts extended...
The Administration of Justice Act 1982 (c.53)
44In section 42 (common investment schemes) in subsection (6) for...
The Trusts of Land and Appointment of Trustees Act 1996 (c.47)
45(1) In section 6 (general powers of trustees), in subsection...
46In section 9 (delegation by trustees) omit subsection (8).
47After section 9 insert— Duties of trustees in connection with...
48Omit section 17(1) (application of section 6(3) in relation to...
49In Schedule 3 (consequential amendments) omit paragraph 3(4) (amendment of...
Part III Measures
The Ecclesiastical Dilapidations Measure 1923 (No.3)
50In section 52, in subsection (5) (investment of sums held...
The Diocesan Stipends Funds Measure 1953 (No.2)
51In section 4 (application of moneys credited to capital accounts)...
The Church Funds Investment Measure 1958 (No.1)
52In the Schedule, in paragraph 21 (range of investments of...
The Clergy Pensions Measure 1961 (No.3)
53(1) In section 32 (investment powers of Board), in subsection...
The Repair of Benefice Buildings Measure 1972 (No.2)
54In section 17, in subsection (2) (diocesan parsonages fund’s power...
The Pastoral Measure 1983 (No.1)
55In section 44, for subsection (6) (Redundant Churches Fund’s power...
The Church of England (Pensions) Measure 1988 (No.4)
56Omit section 14(b) (amendment of section 32(3) of the Clergy...
The Cathedrals Measure 1999 (No.1)
57In section 16 (cathedral moneys: investment powers, etc. ), in...
SCHEDULE 3 Transitional provisions and savings
The Trustee Act 1925 (c.19)
1(1) Sub-paragraph (2) applies if, immediately before the day on...
2The repeal of section 8 of the 1925 Act (loans...
3The repeal of section 9 of the 1925 Act (liability...
4(1) Sub-paragraph (2) applies if, immediately before the day on...
5(1) Sub-paragraph (2) applies if, immediately before the day on...
6The repeal of section 23(2) of the 1925 Act (power...
The Trustee Investments Act 1961 (c.62)
7(1) A trustee shall not be liable for breach of...
The Cathedrals Measure 1963 (No.2)
8While section 21 of the Cathedrals Measure 1963 (investment powers,...
SCHEDULE 4 Repeals
Part I The Trustee Investments Act 1961 and the Charities Act 1993
Note: the repeals in this Part of this Schedule have...
Part II Other repeals

Trustee Act 2000

2000 c. 29

An Act to amend the law relating to trustees and persons having the investment powers of trustees; and for connected purposes.

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C1C2

Annotations:
Modifications etc. (not altering text)
C1

Act power to apply conferred (26.11.2008) by Pensions Act 2008 (c. 30), ss. 68(2), 149(2)