A method for reducing the presence of ferritic particles in lubricant employed in the lubrication of rotary shaft bearing of the type that include a first bearing contact surface, a second bearing contact surface and a plurality of rotatable bearing members disposed therebetween, a lubrication system employing such method and a lubricated assembly. The method includes providing a ferritic particle collector element of magnetised material in close proximity to the bearing and a path of lubricant flowing to the bearing. The close proximity being within a distance from the bearing contact surface which is less than five times the maximum diameter of the bearing contact surfaces. The collecting element may be an existing component of a lubrication system or lubricated assembly which is rendered magnetic or may be a magnet or magnets secured to an existing component.