Amendments to the Trustee Act 1975 may give Bermuda a competitive edge when attracting foreign trusts to the Island, MPs said on Monday.

spoke on the Trustee Amendment Act 2004 in the House of Assembly.

?The power of advancement allows trustees, in certain circumstances, to permit a beneficiary with an interest in capital to have benefit of part of this capital entitlement sooner than he would receive it under the basic provisions of that trust,? she explained.

?However, a trustee may not exercise this power for a trust constituted or created before the power was enacted ... when the principal Act came into effect on March 1, 1975.

?With the experience of time, it has become accepted that such a power should be available to all trustees of any trust and it is recommended that this restriction be removed.?

The amendment was recommended by the BIBA Legislative Change Committee as part of its regular review of Bermuda?s legislative regime.