Colonial Mutual Life Insurance responds to 'A Current Affair'

17 December 2002

On the Channel 9 A Current Affair program on Monday 16 December, a story was televised based on claims made by a former customer Mr Don Talbot alleging incomplete information was provided to him on his superannuation account.

Colonial Mutual Life Insurance takes the matter of providing customers with correct information very seriously and if incorrect information was provided to Mr Talbot apologises for any inconvenience caused.

In Mr Talbot’s case, Colonial Mutual provided annual statements to Mr Talbot that clearly indicated the Federal Government Superannuation Taxation surcharge debt applicable to his superannuation account.

The taxation surcharge is collected on behalf of the Taxation Department and is not a Colonial charge. It is important to note that, each year, the Taxation Department also writes to each taxpayer and notifies them of their surcharge liability.

Mr Talbot subsequently raised this matter with the independent Superannuation Complaints Tribunal who indicated that it was of the view that the complaint should be withdrawn.

Once again, Colonial Mutual apologises to Mr Talbot for any inconvenience that may have been caused, but clearly advised Mr Talbot of his surcharge tax debt in annual statements forwarded to him.