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 UK company registered at Companies House, active since incorporation in 1971. Its registered nature of business is classified as life insurance. Companies House records show it previously traded under several other names, including Royal & Sun Alliance Linked Insurances Limited, Royal Heritage Life Assurance Limited, and Lloyd's Life Assurance Limited, before adopting its current name. The company is recorded as a private limited company with active status. No details of specific products, customer base, or trading operations beyond its insurance classification are provided in the available evidence, so this summary is limited to the confirmed regulatory and corporate record information.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk