Score of 93.4/100 qualifies for PaymentCheck Certification
| 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 2025 - 31 Dec 2025 | 30 Jan 2026 | 22 | 94% | 5% | 1% | 8% |
| 01 Jan 2025 - 30 Jun 2025 | 28 Jul 2025 | 20 | 94% | 5% | 1% | 9% |
| 01 Jul 2024 - 31 Dec 2024 | 28 Jan 2025 | 21 | 93% | 6% | 1% | 9% |
| 01 Jan 2024 - 30 Jun 2024 | 26 Jul 2024 | 20 | 93% | 6% | 1% | 10% |
| 01 Jul 2023 - 31 Dec 2023 | 29 Jan 2024 | 20 | 93% | 5% | 2% | 10% |
| 01 Jan 2023 - 30 Jun 2023 | 25 Jul 2023 | 20 | 93% | 5% | 2% | 10% |
| 01 Jul 2022 - 31 Dec 2022 | 26 Jan 2023 | 19 | 94% | 5% | 1% | 8% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 20 | 89% | 9% | 2% | 13% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 19 | 90% | 7% | 3% | 12% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 14 | 90% | 7% | 3% | 11% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 13 | 92% | 6% | 2% | 9% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jan 2021 | 12 | 94% | 3% | 3% | 6% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2021 | 10 | 96% | 3% | 1% | 5% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jan 2021 | 10 | 94% | 4% | 2% | 6% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2021 | 11 | 93% | 5% | 2% | 7% |
| 01 Jan 2018 - 30 Jun 2018 | 29 Jan 2021 | 10 | 94% | 5% | 1% | 6% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Royal London shall pay each invoice which is properly due and correctly submitted to it by the Supplier, within thirty (30) Working Days of receipt, to a bank account nominated in writing by the Supplier.
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
In the event of a dispute the Contract Managers shall meet to use all reasonable endeavours to resolve the issue within ten (10) Working Days of the identification of the issue. If the dispute is not resolved within that time it shall then be referred to board or senior management level for discussion. If any dispute has not been settled or a course of action for its settlement agreed within thirty (30) Working Days of it being referred to board or senior management level the parties may attempt to settle it by mediation in accordance with the Centre for Dispute Resolution (“CEDR”) Model Mediation Procedure. Unless otherwise agreed between the parties in writing, the mediator will be appointed by CEDR. To initiate the mediation a party must give written notice to the other party/parties to the dispute requesting mediation (the "Mediation Notice"). A copy of the Mediation Notice should also be sent to CEDR. Subject to any constraints imposed by CEDR the mediation will start not later than ten (10) days after the date of the Mediation Notice.
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
Royal London Mutual Insurance Society is a UK mutual insurer providing life, pensions and investment products. It describes itself as the UK's largest customer-owned life, pensions and investment company, offering protection, long-term savings and retirement solutions for customers in the UK and Ireland. Its workplace pension business supports employers and trustees with pension schemes, salary exchange, investment options, bulk annuities and a financial wellbeing service for employees. A significant proportion of its business is distributed through financial advisers in the UK and brokers in Ireland. Registered in London, it has operated as a mutual since 1861, without shareholders, focusing on customers and pension scheme members.
Generated from the company's website and Companies House records. Sources: employer.royallondon.com · employer.royallondon.com