We don't approve of this new benefit (4)
I believe the answer is:
boon
'benefit' is the definition.
(I've seen this before)
'we don't approve of this new' is the wordplay.
'we don't approve of this' becomes 'boo' (an audience might boo to show disapproval).
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'boo'+'n'='BOON'
(Other definitions for boon that I've seen before include "Favour, request" , "Benefit and advantage" , "A benefit, goes with blessing" , "Blessing - sort of companion?" , "Gracious gift" .)