Peter out with Rod and Jack on this? (8)
I believe the answer is:
flagpole
'jack on this?' is the definition.
(eg a Union Jack might go on a flagpole)
'peter out with rod' is the wordplay.
'peter out' becomes 'flag'.
'with' is a charade indicator (letters next to each other).
'rod' becomes 'pole' (pole is a kind of rod).
'flag'+'pole'='FLAGPOLE'
'and' is the link.
(Other definitions for flagpole that I've seen before include "On which standard flies" , "Upholder of standards" , "Support for banner." , "Standard post" , "standard-bearer" .)