Beyond compare like empty House of Lords? (8)

I believe the answer is:

peerless

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'beyond compare' is the definition.
(I've seen this before)

I don't understand how the rest of the clue works.

(Other definitions for peerless that I've seen before include "Unrivalled" , "Without equal, matchless" , "Unparalleled, incomparable" , "Unequalled" , "Without equal or lacking lords" .)

I've seen this clue in The Sun.

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