The Commutation of Annual Subscriptions

Abstract

MOST learned societies allow future annual subscriptions to be commuted by single payments which range from five to twenty-five times the annual subscription with, in many cases, a reduction to members of long standing. Although this is usually advantageous to the younger members, it is too expensive at later ages when there is most interest in commutation. There has thus arisen a growing demand for commutation scales on an actuarial basis.