Score of 83.2/100 qualifies for PaymentCheck Certification
The company, PHOENIX LIFE LIMITED, has shown a consistent improvement in their payment practices over the past three periods. The average time to pay has decreased from 65 days in the first period to 30 days in the most recent period. The percentage of invoices paid within 30 days has also increased from 37% to 82%.
The volatility in the company's payment practices has decreased significantly. In the first period, 63% of invoices were not paid within agreed terms, but in the most recent period, this number has decreased to 18%. The percentage of invoices paid later than 60 days has also decreased from 21% to 0%.
For PHOENIX LIFE LIMITED, there has been a consistent improvement in their payment practices over the past three periods. The average time to pay has decreased from 65 days to 30 days, and the percentage of invoices paid within 30 days has increased from 37% to 82%. The company has also significantly reduced the number of invoices not paid within agreed terms and those paid later than 60 days.
| 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 | 05 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 | 30 | 82% | 18% | 0% | 18% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 29 | 93% | 7% | 0% | 7% |
| 01 Jan 2020 - 30 Jun 2020 | 31 Jul 2020 | 35 | 38% | 58% | 4% | 62% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 38 | 45% | 36% | 18% | 55% |
| 01 Jan 2019 - 30 Jun 2019 | 31 Jul 2019 | 33 | 54% | 46% | 0% | 46% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 37 | 37% | 48% | 15% | 63% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 65 | 37% | 42% | 21% | 63% |
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. Sunlife pay in line with variable contracted terms, in the vast majority of cases this is 30 days from the date of invoice but there are differing terms in place with different suppliers. We will agree to shorter terms if the contractual negotiations require it.
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 Limited is a British life insurance company that offers a range of financial products and services. The company is committed to sustainability and has implemented various initiatives to reduce their environmental impact.
Some of the key activities of Phoenix Life Limited include offering life insurance, pension plans, and annuities to individuals and businesses. They also provide investment management and financial planning services.
As part of their sustainability program, Phoenix Life Limited has set targets to reduce their carbon footprint, increase their use of renewable energy, and promote recycling and waste reduction within their operations. They also support various community and charity projects through their corporate social responsibility efforts.
The company is led by a team of experienced and skilled professionals, including CEO Andy Curran and Chairman Clive Bannister. They are committed to providing excellent customer service and ensuring financial stability for their policyholders.
Phoenix Life Limited can be contacted through their website, which also provides information on their products and services. Their registered office address is located in London, United Kingdom.
In summary, Phoenix Life Limited is a reputable life insurance company in the UK that offers a range of financial products and services. They are dedicated to sustainability and have taken steps to reduce their environmental impact. With a strong leadership team and commitment to customer service, Phoenix Life Limited is a reliable choice for individuals and businesses seeking financial security.