Mind, or keep an eye on, later (4,5)
I believe the answer is:
look after
'mind' is the definition.
(I've seen this before)
'keep an eye on later' is the wordplay.
'keep an eye on' becomes 'look' (I can't justify this - if you can you should give a lot more credence to this answer).
'later' becomes 'after' (I've seen this before).
'look'+'after'='LOOK AFTER'
'or' acts as a link.
Can you help me to learn more?
(Other definitions for look after that I've seen before include "mind" , "Take care of" , "Tend" , "Watch over" , "Supervise" .)