Score of 95.5/100 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 | 10 | 94% | 3% | 3% | 4% |
| 01 Jan 2025 - 30 Jun 2025 | 30 Jul 2025 | 12 | 92% | 5% | 3% | 10% |
| 01 Jul 2024 - 31 Dec 2024 | 30 Jan 2025 | 15 | 90% | 7% | 3% | 8% |
| 01 Jan 2024 - 30 Jun 2024 | 30 Jul 2024 | 14 | 93% | 4% | 2% | 5% |
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 13 | 93% | 4% | 3% | 5% |
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | 12 | 94% | 4% | 2% | 6% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 15 | 90% | 7% | 3% | 9% |
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | 18 | 88% | 7% | 5% | 11% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 18 | 88% | 7% | 5% | 10% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 17 | 88% | 8% | 4% | 10% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 21 | 85% | 8% | 7% | 12% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 23 | 88% | 6% | 6% | 10% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 18 | 87% | 9% | 4% | 11% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 23 | 83% | 9% | 8% | 12% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 28 | 72% | 15% | 13% | 25% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms are 30 days after receipt of a correct, undisputed, timely provided and properly due VAT invoice. In some circumstances, Scottish Widows Services Limited agrees appropriate terms of payment with suppliers for each transaction or series of transactions, and abides by those terms based on the timely submission of valid invoices.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Invoice Receipt Date We are currently only able to record the date of receipt of invoices for circa 78% of reportable invoices in this report. Where the date we receive an invoice is not available, we have reported on the date of the invoice itself, as we consider this the most justifiable alternative. Unknown payment terms For certain suppliers, our systems do not currently capture details of the payment terms in place under qualifying contracts with those suppliers. Therefore, for the purposes of reporting on our payment statistics for those qualifying contracts, we have assumed that all payments under those contracts are due within 30 days of the date of receipt of the invoice, which reflects our most commonly used contractual payment terms. Discrepancy between contracting entity and paying entity Our payment statistics include some payments made by Scottish Widows Services Limited where, although we are not the contracting entity for the relevant qualifying contract, the services have been received and paid for by Scottish Widows Services Limited. Sufficient link to the UK Our payment statistics may include some payments made to non-UK entities where we have been unable to ascertain whether the contract has a sufficient link to the UK to meet the criteria for reporting. It is not Scottish Widows Services Limited policy to differentiate supplier payment terms based on supplier jurisdiction and our payment practices for non-UK entities are representative of those followed for UK entities.
Maximum contractual payment period agreed
60
Suppliers can raise queries with their appointed managers in the first instance. They can also contact the dedicated accounts payable team (LloydsInvoiceEnquiries@Lloydsbanking.com). Such contacts would generally seek to deal with any disputes promptly (involving other senior contacts, as needed), in accordance with the terms of the contract.
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
Scottish Widows Services Limited is a UK-registered company classified under activities auxiliary to insurance and pension funding. It forms part of the wider Scottish Widows group, which operates within Lloyds Banking Group and provides pensions, investments, life insurance and protection products to UK customers. According to the group's own description, Scottish Widows has helped people save for the future for over 200 years and offers workplace and personal pensions, low-cost investing, and life insurance. This particular entity's registered role sits within that group structure, supporting the group's insurance and pension operations rather than trading directly with the public under its own name.
Generated from the company's website and Companies House records. Sources: scottishwidows.co.uk · scottishwidows.co.uk