Q&A bank question 3.38

why are we subtracting N bar 62?

 

is is correct to assume that during 3 years of past service, the member aged 25 had already paid in those prior years. Hence we subtract sN bar 62 to get the future years possible contributions?

 

Pension funds part. Might be related.

 

this is the right way but what does (x-m < 25) represent?

 

that you can't be older than 65 and that you start from any age that is less than 25 i.e. you should have started by 25