Compensation as preliminary work not begun (11)

I believe the answer is:

reparations

'compensation' is the definition.
(I know this)

'preliminary work not begun' is the wordplay.
'preliminary work' becomes 'preparations' (work done to prepare).
'not begun' means to remove the first letter (I've seen 'not beginning' mean this).
'preparations' with its initial letter removed is 'REPARATIONS'.

'as' is the link.

I've seen this clue in The Guardian.

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