Veteran Points are similar to XP, and your Veteran Rank goes up as you gain them (like gaining a level). Veteran Points are awarded for accomplishing certain tasks in the game after the player character has reached level 50. When enough Veteran Points have been accumulated, the player character's Veteran Rank increases. Veteran Points can be obtained in PvP or in Adventure Zones.
Veteran Ranks do improve the player character's power by granting stats and the ability to equip better gear, though the increases are smaller than the ones obtained through normal leveling.
Players continue to gain skill points while progressing through Veteran Ranks, which allows players to broaden their character's skills.