Okay kiddo, do you remember hearing about kings and queens? They used to rule over kingdoms and had lots of people who helped them. The peerage is a group of people who helped the kings and queens a long time ago.
The peerage includes important people like dukes, earls, barons, and knights. They all had special titles and were very fancy. Think of them like superheroes who always helped the king or queen with things like fighting battles or ruling the kingdom.
Nowadays, the peerage is still around but it's not as important. People who are part of the peerage still have special titles and are very fancy, but they don't have as much power as they used to. They also don't have to help the king or queen anymore because countries are run by the government instead.
So, the roll of the peerage is to be fancy and important people who helped kings and queens a long time ago, and to still have special titles and be fancy today, but not have as much power.