Money paid when pits are about to close (7)
I believe the answer is:
stipend
'money' is the definition.
(I have seen 'Regular money' mean 'stipend' so perhaps 'money' could also mean 'stipend')
'pits are about to close' is the wordplay.
'are about' shows that the letters should be reversed in order.
'to close' becomes 'end' (close can mean to end or finish).
'pits' reversed gives 'stip'.
'stip'+'end'='STIPEND'
'paid when' is the link.
I am not very happy about this link. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for stipend that I've seen before include "Regular payment" , "Regular money" , "minister's wages" , "Tips end badly in an emolument" , "Parson's pay" .)