The old man ringing about object of fear (5)
I believe the answer is:
dread
'fear' is the definition.
('dread' can be a synonym of 'fear')
'the old man ringing about object' is the wordplay.
'the old man' becomes 'dad' ('dad' can be a synonym of 'old man').
'ringing' indicates putting letters inside.
'about' is a reversal indicator.
'object' becomes 'er' (Er is an example**).
'er' back-to-front is 're'.
'dad' placed around 're' is 'DREAD'.
'of' acts as a link.
(Other definitions for dread that I've seen before include "Intense fear" , "Anticipate fearfully" , "Get cold feet" , "Affright" , "great anxiety" .)