I just sent him a note. I can maybe start to go through it until Max makes it on. He is the expert on pension rules.
As I said, clause 90 relates to the introduction of variable payment life annuities. For the money purchase provisions of these plans, subsection 8506(1) sets out the permissible types of benefits that can be offered.
Proposed paragraph 8506(1)(e.1) is about retirement benefits other than benefits permissible under paragraph 90(2)(e.2).
Proposed paragraph 8506(1)(e.2) is a measure that specifically relates to VPLAs. It's saying that if you have a VPLA, don't look to paragraph (e.1); look to paragraph (e.2).
Subclause 90(2) introduces the basic rules saying that these types of money purchase provisions can offer paragraph (e.2) variable payment life annuities. It provides the rules for them and the conditions that need to be met for them to work.