If pelf is redistributed, that's nonsense! (6)
I believe the answer is:
piffle
'nonsense' is the definition.
(piffle is a kind of nonsense)
'if pelf is redistributed' is the wordplay.
'is redistributed' indicates anagramming the letters (I've seen this in other clues).
'if'+'pelf'='ifpelf'
'ifpelf' with letters rearranged gives 'PIFFLE'.
'that's' acts as a link.
(Other definitions for piffle that I've seen before include "Trivial nonsense" , "Twaddle" , "Balderdash" , "Stuff and nonsense" , "Cock" .)