The following was posted to the FYI section of uo.com:
Due to issues with the veteran rewards system, we have deactivated the system on all shards. At this time, we do not have an updated schedule for when they will be reactivated.
We strongly advise players not to participate in selling, trading, or buying existing rewards until further notice.
We will update you again once we have additional information.
While the reasons could be numerous, the big issue with the rewards system centered around accounts being offered more rewards than they should have been given. The system will be restored at some uncertain future date.