With Yard anticipating limits on policy, my friend and I will be waving goodbye (4,5)

'my friend and i will be waving goodbye' is the definition.
I know nothing about this answer so I can't judge whether it can be defined by this definition.

'with yard anticipating limits on policy' is the wordplay.
'with' becomes 'and'.
'yard' becomes 'y' (abbreviation).
'anticipating' is a charade indicator (letters next to each other) (some letters go before others).
'limits on policy' becomes 'pandy' (I can't explain this - if you can you should believe this answer much more).
'and'+'y'+'pandy'='ANDY-PANDY'

Can you help me to learn more?