Twist perhaps involves current and former performer (7)
I believe the answer is:
olivier
'former performer' is the definition.
(actor Sir Laurence Olivier)
'twist perhaps involves current' is the wordplay.
'twist perhaps' becomes 'oliver' (Charles Dickens character Oliver Twist).
'involves' means one lot of letters goes inside another.
'current' becomes 'i' (symbol for electric current).
'oliver' going around 'i' is 'OLIVIER'.
'and' is the link.
(Other definitions for olivier that I've seen before include "- Messiaen, Twentieth century French composer" , "Laurence -, English actor and director" , "Sir Laurence, once a great British actor" , "Laurence --, first actor to be made a life peer" , "National Theatre's first artistic director, d. 1989" .)