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On the Valuation of Staff Pension Funds

Published online by Cambridge University Press:  18 August 2016

Henry William Manly  and
Ernest Charles Thomas
Henry William Manly
Affiliation:
The Equitable Life Assurance Society Institute of Actuaries
Ernest Charles Thomas
Affiliation:
The Gresham Life Assurance Society Institute of Actuaries
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Extract

In a short paper, which I read before the Second International Actuarial Congress, held in these rooms in May 1898, I gave the solution of some problems which frequently arise out of the Rules of Pension Funds and Friendly Societies. That paper is printed in the Transactions of the Congress, published by the Institute, page 860. I was unfortunate in the selection of the table which I used for illustrating the formulas, as there was a printer's error in the value of the most important term. That, however, did not affect the formulas themselves. Mr. McGowan, in a letter to the Insurance Record of 2 February 1900, said that my remark on page 861 (of the Transactions), that “it will be P years before the annuity payments equal the price given, does not seem quite correct in the case where P is an integer plus a fraction”, and I explained, in a letter which appeared the following week, that the correction, which would be the value of the assurance of the fraction of the annuity for the fraction of the year in which the fraction would occur, is so insignificant that it might be ignored.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 36 , Issue 3 , October 1901 , pp. 209 - 287
Copyright
Copyright © Institute and Faculty of Actuaries 1901

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References

page 218 note * As we are now about to make a number of new columns calculated on new functional values and with new combinations, it is necessary t o have new symbols to distinguish, them. To avoid the use of new letters, where the columns are of a similar character to those in use, it is proposed to use the old symbols, D, N, C, M, R, with an index showing th e table on which the calculations are made, and a prefix, on the top left-hand corner, to show the function on which the columns are based. Although dCx above, is the same as the ordinary Cx, dMx, and dRx adopted to show tha t they are not the ordinary columnar values, but the results of summations from age 64 only.

page 220 note * If there were any necessity to distinguish the limiting age, as may possibly happen sometimes, such age might be put as a prefix at the bottom of the symbol, thus, , but, as there is only one limiting age throughout the whole of this paper and the formulas are general, I see no advantage in complicating the notation.

page 224 note * I shall not repeat that the annual premium is due at the beginning but paid at the end of the year, or that the benefits are payable at the end of the year of exit. That is to be understood throughout the paper.

page 230 note * I have purposely omitted the v in this symbol for the same reason as before, namely, to avoid confusion, as its appearance in a formula might be taken to indicate an operation to be performed, while the use of a single symbol with the index s, shows that it is a value from a specially constructed column.