Special honour (8)
'special honour' is the definition.
(I've seen this before)
This is the entire clue.
(Other definitions for accolade that I've seen before include "Sign or expression of great praise or approval" , "Praise, acclaim" , "High praise" , "Great praise or elevation to knighthood" , "Praise or approval - or elevation to knighthood" .)
(Other definitions for privilege that I've seen before include "authorisation" , "Class advantage" , "Special right" , "advantage given only to a few" , "conditional benefit?" .)