Shortened version of the word paedophile, a child molestering "paed". Also could be short for paedo.
"You're such a paed caev"
"Syke, you paed, get your cock out of that 8 year old"
Verb - to paed: to sexually abuse (a child)
Origin - paeophile: one who paeds
"That nonce is going to paed that kid up, no doubt"