Clause 4

by deleting the words “, on attaining the prescribed age, entitled” in subsection (7) and substituting the words “entitled, at any time on or after the entitlement date,”;

by deleting paragraph (e) of subsection (7A) and substituting the following paragraph:“(e)is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income, whether or not the monthly income is less in value than the payout benchmark applicable to the member.”;

by deleting paragraph (e) of subsection (8) and substituting the following paragraph:“(e)is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income not less in value than the payout benchmark applicable to the member; or”;

by inserting, immediately after subsection (8C), the following subsection:“(8CA) For the purposes of subsections (7A)(e) and (8)(e), the Minister —

may specify different amounts of payout benchmark for different classes of members, taking into account the life expectancy of the different classes of members;

must publish the payout benchmark applicable to each class of members in a manner accessible to the public; and

may, on the application of a member, specify a payout benchmark for that member that is less than the payout benchmark published under paragraph (b) for the class of members to which the member belongs.”;

by deleting the definition of “approved” in subsection (16); and

by inserting, immediately after the definition of “approved developer” in subsection (16), the following definition:“ “entitlement date”, in relation to a member, means a date specified by the Board, for the purposes of subsection (7), that falls in the month in which the member attains the prescribed age;”.