AVIVA PLC
Company number: 02468686
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
30 July 2026
Approved by:
Charlotte Jones
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? Yes
Payment statistics
Average time taken to pay invoices: 13 days
Total value paid:
- within 30 days: £1,579,722,816 (94%)
- in 31 to 60 days: £81,718,877 (5%)
- in 61 days or more: £13,493,119 (< 1%)
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 2%
- in 61 days or more: 1%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £13,560,676
- payments due in the reporting period which have not been paid within the agreed period: 1%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
Answer not provided
Standard payment terms
The standard contractual payment terms for supplier is 28 days however this varies for each supplier dependent on the nature of the business. The payment terms for Indirect side of the business (Purchase to pay) is 28 days as standard. For direct business (payments to Motor, Legal and Property), the payment terms ranges from immediate, 7 days, 14 days and 30 days. This is clearly articulated in the contract and negotiated prior to business.
Were there any changes to the standard payment terms in the reporting period?
Some changes made to bring more suppliers in line with standard 28 day terms.
Were suppliers notified or consulted about these changes before they were made?
Changes made have been communicated to suppliers.
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Retention clauses
How does this business use retention clauses?
Retention clauses are used in specific circumstances:
Group Property Retention: The specific circumstances in which retention clauses are included are where there is a JCT (joint contracts tribunal).
Aviva Investors Retention: Retention clauses are included where the qualifying construction contract is a building contract
Does this business only use retention clauses in construction contracts above a specific contract sum?
No
Does this business use a standard percentage rate in retention clauses?
No
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
No
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
For Group Property Contracts - The standard process for release of monies deducted or retained by ACS under any retention clauses for Group Property team qualifying contracts, is that part of the retention is released on practical completion, with the remainder 12 months after practical completion
For Aviva Investors Contracts - The retention will be retained in full until practical or sectional completion of the works under the applicable building contract. Once the works have been certified as being practically (or sectionally) complete, the retention will reduce by 50% until the notice of making good of all defects has been issued in respect of the works (or section) under the applicable building contract, at which point the remainder of the retention will be released.
Is the money released in stages?
Yes:
As per the above.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
0%
Amount retained stated as a percentage of the total construction payments made by this business
2%
Dispute resolution process
Aviva has a dedicated team for payment queries to provide support to suppliers and reduce disputes. Any dispute or difference between the parties arising out of this Agreement which cannot be settled amicably will in the first instance be referred to the parties' senior management representatives. If such representatives fail to each agreement, then the parties will attempt in good faith to settle the dispute by mediation in accordance with the Centre for Disputes Resolution (CEDR) Model Mediation Procedure. If the dispute has not been resolved by mediation within 30 days of the initiation of such procedure, or if either party refuses to participate in the mediation procedure, the other party may refer the dispute to the courts of England. The Supplier reserves the right to charge interest on overdue amounts at 2% per annum over the Base Rate of the Bank of England for the time being in force ("Late Payment Interest"), if such amounts remain outstanding 30 days after the supplier has given notice that Aviva has failed to make payment within the timescale set out.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Fair Payment Code
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No