AEGON UK CORPORATE SERVICES LIMITED

Company number: SC170062

Reporting period:
1 January 2021 to 30 June 2021

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This report was filed on 15 July 2021

and approved by Stephen McGee

Payment statistics

Average time taken to pay invoices: 34 days

Invoices paid:

• within 30 days: 87%
• in 31 to 60 days: 8%
• in 61 days or more: 5%

Invoices due but not paid within agreed terms: 17%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

It is the Group's policy to agree appropriate terms of payment with suppliers for each transaction or series of transactions, and to abide by those terms based on the timely submission of satisfactory invoices. The Group normally settles trade payables on 30 day terms, however variations to these terms do exist based on agreements with certain suppliers.

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

Aegon UK Corporate Services Limited (SC170062) is the only qualifying company under its parent Aegon UK plc for which a full report has been provided. Aegon UK plc (03679296), Cofunds Limited (03965289) and Scottish Equitable plc (SC144517) are all qualifying companies but have no qualifying contracts, with all invoices paid by Aegon UK Corporate Services Limited.

Any other information about payment terms

N/A

Dispute resolution process

The Company is committed to dealing with its suppliers in a fair, honest and professional manner while seeking best value for the business. We seek to resolve queries as quickly as possible to everyone's satisfaction prior to payment being made. In the event that a dispute cannot be resolved by our Accounts Payable team, it would be escalated to the contract relationship manager.

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, this business has not signed up to a code of conduct or standards on payment practices.

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