WILLIS GROUP SERVICES LIMITED

Company number: 01451456

Reporting period:
1 January 2018 to 30 June 2018

---

This report was filed on 30 July 2018

and approved by John C Lewis

Payment statistics

Average time taken to pay invoices: 54 days

Invoices paid:

• within 30 days: 26%
• in 31 to 60 days: 49%
• in 61 days or more: 25%

Invoices due but not paid within agreed terms: 42%

Payment terms

Shortest standard payment periods

45 days

Longest standard payment period

Answer not provided

Standard payment terms

The Company’s standard contractual payment terms for all qualifying contracts are no later than 45 days after the receipt of an invoice. Other payment terms may apply. Agreed payment terms are reflected in our contractual documentation and accounting system.

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

45 days

No further comment provided

Any other information about payment terms

Although the payment period under the Company’s standard payment terms runs from the date of receipt of the relevant invoice, for the purpose of calculating the metrics for this report, we have taken the date stated on the invoice itself as the commencement date for the payment period, and the statistics are reported against this measure. Consequently, it is likely that the statistics will show a greater level of late payments than is actually the case if strictly applying the standard payment terms. Of the 42% invoices due but not paid within agreed terms, 9% were made to other companies within the Willis Towers Watson Group and 91% were made to companies external to the Willis Towers Watson Group. The overdue statistics include invoices that were settled within a few working days of the system due date.

Dispute resolution process

Payment processing is managed by the Accounts Payable function and any supplier queries are actioned by that team. In the event they are unable to resolve the matter, the query will be discussed between the supplier and relevant colleague to ensure satisfactory resolution for both the supplier and the Company.

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