This issue has been debated several times on this board (so you might want to do a search and read the discussion on both sides of the issue), but I think I can fairly summarize things:

The Terms & Conditions are pretty clear that you have to be "eligible" to receive a voucher at the time you travel with the voucher, and the Terms & Conditions elsewhere state that only active cardholders are "eligible" to earn a voucher. However, the BA spokesperson on this board has stated that BA will not revoke a voucher once it has been posted to your account.

So, you have to decide how much faith you choose to put in each of those statements.

Having tried to state the issue as neutrally as I could (others may disagree, and have done so in the past!), I now venture into the realm of opinion: I would not risk a voucher that I find to be extremely valuable just to save a $95 renewal fee. I put more faith in the written Terms & Conditions than informal assurances posted on the internet. But that is just my two cents.