GOV.UK
UNIVERSITIES SUPERANNUATION SCHEME LIMITED
Company number: 01167127
Reporting period:
1 April 2020
to 30 September 2020
This report was filed on 16 October 2020
and approved by Dominic Gibb
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 77%
- in 31 to 60 days: 15%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 23 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
USS standard payment terms are within 30 days of receipt of a valid VAT invoice.
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
USS standard terms and conditions make provision for payment disputes. Invoices that are determined to be in dispute are flagged by the purchase ledger team and suppliers are informed of the nature of the dispute. Any amount that is not included in the dispute is paid by USS within the agreed payment terms.
USS reserves the right to set off any amount owing to it from the Supplier howsoever arising against any sums payable by USS to the Supplier, and to withhold any payments to the extent that Goods or Services have not been supplied to USS in accordance with the Contract until such goods and services have been received or until the matter is resolved via the Dispute Resolution Process outlined below.
USS standard terms and conditions outline our standard process for then resolving any such dispute. The relevant clause is included below:
“25. Dispute Resolution
25.1 A Dispute referred for determination under clause 25.1 shall be resolved as follows:
(a) by referral in the first instance to the decision of the nominated contact of USS and the Supplier;
(b) if a Dispute is not resolved within 14 days of its referral pursuant to clause 25.1(a), such Dispute shall be referred to senior personnel (as notified by each party to the other for this purpose) who shall have the power to resolve the Dispute; and
25.2 In the event that the Dispute is not resolved within 21 days of its referral under clause
25.1(b), then either party may commence court proceedings in accordance with clause 26.9.
25.3 Nothing in this clause 25 shall preclude a party from taking legal proceedings in the
courts at any time:
(a) to obtain an injunction (whether interim or final) to restrain the other party from
doing any act or compelling the other party to do any act; or
(b) to prevent a claim from becoming time-barred under any statute or rule of limitations.”
Suppliers’ payment queries should be directed to PurchaseLedger@uss.co.uk as per the USS terms and conditions.
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