Re-spec points are points awarded to you when you do missions. similar to your experience. The points are used to, as implied pick a new set of skills and re-construct your characters abilities. The points continuelly add up even after they have reached the 3000 mark, on which the player can use them to regain all the skill points he had, and build his abilities again.
They're the same points you earn for experience. The points keep on adding after the 3000 mark, so players would not be punished for not using it.
Before the 1.03 update, to re-spec, the following amounts of points had to be acquired beforehand:
3K >> re-spec >> 5K >> re-spec >> 10K >> re-spec >> 17K >> re-spec 26K >> re-spec (26K repeated)
After the 1.03 update, the required amount of re-spec points were greatly reduced to the following:
1K >> re-spec >> 2K >> re-spec >> 3K >> re-spec (3K repeat)