Looks after Pence's mates (5)
I believe the answer is:
pairs
'mates' is the definition.
('pair' can be a synonym of 'mate')
'looks after pence's' is the wordplay.
'looks' becomes 'airs' (I've seen this in other clues).
'after' is a charade indicator (letters next to each other).
'pence' becomes 'p'.
'airs' put after 'p' is 'PAIRS'.
(Other definitions for pairs that I've seen before include "Couples" , "golfing matches" , "Duos" .)