My personal view: I’m divided. I became an old age perisher this year but I am virtually certain never to be eligible for honorary membership unless the medics make astounding advances in longevity research. I can see, though, that those members with over 40 years continuous membership might be justifiably aggrieved if recognition of their long service was arbitrarily removed.
On balance, I believe that the best way forward would be to recognize longevity with a physical badge (gold tie pin has been suggested) rather than a financial reward. Honorary membership would continue in name but the subscription model simplified and the Association’s finances improved.