The data shows a general trend of improvement in the company's average time to pay invoices. In the first period (Jan 2018 - Jun 2018), the average time to pay was 51 days, which decreased to 34 days in the second period (Jan 2019 - Jun 2019). This indicates that the company has been paying invoices at a faster rate over time.
The data also shows some volatility in the company's payment patterns. In the first period, 59% of invoices were paid within 30 days, but in the second period, this percentage decreased to 44%. However, the percentage of invoices paid between 31 and 60 days increased from 20% to 50%. This volatility could be due to various factors such as changes in the company's cash flow or supplier relationships.
| 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 | 29 Jan 2024 | |||||
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | |||||
| 01 Jul 2022 - 31 Dec 2022 | 26 Jan 2023 | |||||
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | |||||
| 01 Jul 2021 - 31 Dec 2021 | 20 Jan 2022 | |||||
| 01 Jan 2021 - 30 Jun 2021 | 23 Jul 2021 | |||||
| 01 Jul 2020 - 31 Dec 2020 | 26 Jan 2021 | |||||
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | |||||
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | |||||
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 34 | 44% | 50% | 6% | 50% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 68 | 52% | 20% | 28% | 49% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 51 | 59% | 20% | 21% | 33% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The Company’s standard payment terms vary from supplier to supplier. The Company aims to pay all supplier invoices within 30 days
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 first instance, any payment disputes are considered by the relevant department or team who has purchased/approved the goods or services. If required, invoices can be escalated to the Accounts Payable team via a central email inbox (paccounts@canadalife.co.uk)
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
Canada Life Limited is a UK life insurance and financial services provider, registered in England since 1970. It offers retirement, investment and protection solutions, including annuities, pensions, lifetime mortgages and bulk purchase annuity transactions for pension schemes, working with independent financial advisers, trustees and institutions. The company forms part of the Great-West Lifeco group, a global financial services family with operations across the UK, USA, Europe and Canada, and it describes itself as supporting millions of UK customers with billions of pounds in assets under management. Its core activities centre on providing insurance-based savings, pension and protection products to individuals, families and businesses across the UK.
Generated from the company's website and Companies House records. Sources: canadalife.co.uk · canadalife.co.uk