Ranked in 2 industries
This company is listed under more than one industry, so we show its position in each rather than picking one.
Score of 100/100 qualifies for PaymentCheck Certification
The average time to pay for Partnership Life Assurance Company Limited has significantly decreased over the three periods, from 22 days in the first period to 6 days in the second period and finally to 4 days in the third period. This shows a positive trend towards paying invoices earlier.
The company's volatility in paying invoices has also decreased over the three periods. In the first period, 20% of invoices were not paid within agreed terms, while in the second and third periods, this number decreased to 3% and 6%, respectively. This indicates a more consistent and timely payment pattern.
In the first period (Jan 2018 - Dec 2018), the average time to pay for Partnership Life Assurance Company Limited was 22 days. 80% of invoices were paid within 30 days, 16% were paid between 31 and 60 days, and 5% were paid later than 60 days. 20% of invoices were not paid within agreed terms.
| 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 | 31 Jan 2024 | |||||
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 0 | 100% | 0% | 0% | 0% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 0 | 100% | 0% | 0% | 0% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | |||||
| 01 Jan 2020 - 30 Jun 2020 | 15 Jul 2020 | |||||
| 01 Jul 2019 - 31 Dec 2019 | 17 Jan 2020 | 4 | 94% | 3% | 3% | 6% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 6 | 97% | 1% | 2% | 3% |
| 01 Jan 2018 - 31 Dec 2018 | 31 Jan 2019 | 22 | 80% | 16% | 5% | 20% |
| 01 Jan 2018 - 30 Jun 2018 | 25 Jul 2018 |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
https://www.justgroupplc.co.uk/contact-us
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
https://www.justgroupplc.co.uk/contact-us
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
Partnership Life Assurance Company Limited (PLACL) is part of the Just Group, formed from the 2016 merger of Just Retirement Group and Partnership Assurance Group. Within the group, PLACL specialises in the design and manufacture of insurance products to fund care fees, offering plans that can be tailored to an individual's needs. It takes account of health issues when pricing these plans, allowing it to provide enhanced levels of income to customers seeking help with care fee payments. The company is registered in England, incorporated in 2005, and its nature of business is recorded as life insurance and pension funding. It operates as a UK subsidiary within the wider Just Group corporate structure rather than trading independently under its own public brand.
Generated from the company's website and Companies House records. Sources: partnership.co.uk