Makeshift retirement arrangement affected teacher (4,3)
I believe the answer is:
camp bed
'makeshift retirement arrangement' is the definition.
(somewhere to sleep or retire)
'affected teacher' is the wordplay.
'affected' becomes 'camp' (camp can mean exaggerated or affected).
'teacher' becomes 'BEd' (Bachelor of Education).
'camp'+'bed'='CAMP-BED'
(Other definitions for camp bed that I've seen before include "temporary overnight accommodation" , "Structure on which to sleep in a tent" , "Portable bunk" , "outdoor resting place?" , "Folding support for sleeper" .)