Wretched penny-pincher is competent (9)

I believe the answer is:

miserable

'wretched' is the definition.
(I know that wretched can be written as miserable)

'penny-pincher is competent' is the wordplay.
'penny-pincher' becomes 'miser' (I've seen this before).
'is competent' becomes 'able' (similar in meaning).
'miser'+'able'='MISERABLE'

(Other definitions for miserable that I've seen before include "sorrowful" , "Dreary - pathetic" , "Blue" , "Wretched, doleful" , "Depressed" .)

I've seen this clue in The Irish Times.

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