Isn't run out but retires (5,2)
I believe the answer is:
turns in
'retires' is the definition.
('turn in' can be a synonym of 'retire')
'isn't run out' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'isnt'+'run'='isntrun'
'isntrun' is an anagram of 'TURNS-IN'.
'but' acts as a link.
(Other definitions for turns in that I've seen before include "Retires" , "Voluntarily hands over" , "Goes home" , "goes to bed" .)