• Allow Recalculate Renewal Billing must be enabled under Setup > Membership Settings. See Global Membership Settings. 
• Membership Type Renewal Pricing must be set to Recalculate Price.

When this is set to Recalculate Price, the system will look at the proposed pricing to determine the price of a renewal vs. the price included on a member's Scheduled Billing. This would auto-calculate each membership to the price currently shown on the membership type and would include looking at any formulas on that membership and recalculating the membership price. IMPORTANT: When using this feature, you will need to ensure that you are updating the pricing/formulas for your membership types.