Matthew 19:28

And Jesus said unto them, Verily I say unto you, that ye who have followed me, in the regeneration when the Son of man shall sit on the throne of his glory, ye also shall sit upon twelve thrones, judging the twelve tribes of Israel.

This was not a reference to literal thrones but to spiritual thrones of eminence and authority in Christ's kingdom, from which they should exercise influence, not over fleshly Israel but over the spiritual Israel which is the church (Romans 9:6; Galatians 3:29). Note that no preference was given Peter. There was not to be one throne, occupied by Peter and his successors, but twelve thrones, implying the equality of the Twelve. The word of the apostles, that is, the New Testament, is the instrument through which they exercise the authority that Jesus granted them in this promise. "Times of the regeneration" refers to the times of the new birth, namely, the time of the present dispensation when men are hearing the gospel, obeying it, and being born again. Efforts to apply this passage to some kind of literal return of Jesus to the earth and which envisions Christ and the apostles actually occupying literal earthly thrones must surely be rejected in the light of the truth that Christ and the Twelve are NOW reigning in his kingdom. The reign will continue until all enemies have been put under foot (1 Corinthians 15:24-28). When death, the last enemy, is destroyed, Christ will not initiate a reign but will end it, delivering up the kingdom to the Father.