PHOENIX LIFE HOLDINGS LIMITED
Company number: 06977344
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
31 July 2019
Approved by:
Rakesh Thakrar
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 50%
- in 31 to 60 days: 25%
- in 61 days or more: 25%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 50%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
I. The business' standard payment terms are for all undisputed invoices to be paid within 30 days of receipt. The maximum contractual payment period is 30 days from the receipt of an invoice and there have been no changes to the business' standard payment terms in the reporting period. Sunlife pay in line with contracted terms, in the vast majority of cases this is 30 days from the date of invoice. We will agree to shorter terms if the contractual negotiations require it.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Phoenix has a dispute resolution process for staff to follow should a query or dispute of an invoice arise, which is published on the intranet. The dispute resolution process is supplemented from a supplier facing perspective with the relevant contractual provisions for invoice query, escalation and dispute processes.
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.
Yes, this business has signed up to: Prompt 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.
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