GOV.UK
PIMCO EUROPE LTD
Company number: 02604517
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 26 July 2019
and approved by Craig Dawson
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 15%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
PIMCO’s standard payment terms are 30 days. In our Purchase Ledger system all Vendors are set up on a 30 Day payment plan and the system is designed to capture an invoice and pay when the invoice is due at 30 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
If an invoice is not paid to a supplier within 30 days and we are contacted by the vendor, we will establish why this has not been paid, i.e. the invoice has not been received by Finance but has been given to another department, the invoice has been emailed to the wrong PL system alias or the invoice is under query between the person who procured the goods and services and the supplier.
PIMCO Finance would then notify the vendors Finance department for the reason for non-payment. If the invoice was held up by another department or was awaiting approval in the PIMCO approval chain, we would seek to pay the invoice as soon as possible to ensure that the relationship with the vendor is not adversely affected.
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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.
No
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