Industry ranking
The average time taken for PHOENIX LIFE ASSURANCE LIMITED to pay invoices has fluctuated over the past three periods, with a decrease of 26% between the first and third periods, and an increase of 29% between the third and fifth periods.
The volatility of payment times for PHOENIX LIFE ASSURANCE LIMITED has decreased over the past three periods, with a decrease of 50% between the first and third periods, and an increase of 50% between the third and fifth periods.
Between the first and third periods, there was a decrease in the average time taken for PHOENIX LIFE ASSURANCE LIMITED to pay invoices, with a 26% decrease from 2018-01-01 to 2019-06-30. This was accompanied by an increase in the percentage of invoices paid within 30 days, from 67% to 60%. However, the percentage of invoices paid between 31 and 60 days also increased from 33% to 40% during this period.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 02 Feb 2024 | |||||
| 01 Jan 2023 - 26 Jul 2023 | 27 Jul 2023 | |||||
| 01 Jul 2022 - 31 Dec 2022 | 03 Feb 2023 | |||||
| 01 Jan 2022 - 30 Jun 2022 | 01 Aug 2022 | |||||
| 01 Jul 2021 - 31 Dec 2021 | 25 Feb 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | |||||
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 29 | 100% | 0% | 0% | 0% |
| 01 Jan 2020 - 30 Jun 2020 | 31 Jul 2020 | 31 | 33% | 67% | 0% | 67% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 24 | 71% | 29% | 0% | 29% |
| 01 Jan 2019 - 30 Jun 2019 | 31 Jul 2019 | 33 | 60% | 40% | 0% | 40% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 54 | 47% | 47% | 6% | 61% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 28 | 67% | 33% | 0% | 33% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
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.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
30
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.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Phoenix Life Assurance Limited is a life insurance company registered in the UK, first incorporated in 1864. It operates under the Phoenix Life brand, which is part of Standard Life plc. The business manages life insurance and pension policies that have, over time, been brought together from a number of other life companies, meaning many customers' policies originated elsewhere before transferring to Phoenix Life. Its activities focus on administering existing policies rather than active new business, covering retirement planning, pension access, savings and investment products, and related customer support such as bereavement and financial planning guidance for policyholders.
Generated from the company's website and Companies House records. Sources: phoenixlife.co.uk · phoenixlife.co.uk