Chapter 14 Pg 26 - EPV of future service benefits: The formula in the first box uses R with suffix x. Summary pg 55 - The formula uses R with suffix x+t Which is correct?
The summary looks wrong, the commutation function Rx, represents the total value relating to retirements at all possible future dates for all possible years of service for a life at age x. The suffix has to be fixed. The x+t normally is used if a sum will be applied, however IT IS IMPOSSIBLE TO SUM Rx. That's what I think, I may be wrong though an would like to hear the views of others.
Yes - it's the formula in the summary that is wrong. The subscript on the R at the top of page 55 should be x not x+t. Thanks for pointing this out and apologies for the error.
