The most common and most likely answer to this crossword clue is the 12 letter word CONTEMPORARY
I've seen this crossword clue in The Sunday Telegraph
C
O
N
T
E
M
P
O
R
A
R
Y
More clues leading to the result CONTEMPORARY
- Retro company needs restructuring to become this?
- Today's fugitive, prisoner earlier
- Absurd poem in difficult setting — so modern
- After endless disdain by men, old queen divorces male of the same age
- Peer‘s perverse, penning funny poem
- Art category unusual in retro company
- Fellow criminal to portray me differently
- Modern company with new caretaker?
Buddy explains!

The straight part
We know that "Peer" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case peer = contemporary.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does CONTEMPORARY mean?
CONTEMPORARY noun- Someone or something living at the same time, or of roughly the same age as another.
- Something existing at the same time.
- From the same time period, coexistent in time.
- Modern, of the present age.