Mega Frequent Flyer Miles?

I've had reports that bmi Diamond Club is adding a new benefit for their Gold members. Once you reach 55,000 status miles in a calendar year the excess status miles get converted to redeemable frequent flyer miles at one to one ratio. There's a rumour this may be capped at 25,000 miles converted per year.

If there is no cap then it is a fantastic benefit for those flying a lot of long haul first and business class on Star Alliance. Diamond Club already offers 300% miles for first class and 200% miles for business class, plus 25% status bonus.

With the new benefit the earning is upped to 625% for first class and 425% for business class - once a Gold member has reached 55,000 status miles for the year. I'm not aware of any other frequent flyer program that is as generous as this for standard (non-promo) mileage earning. Obviously the benefit is not worth nearly as much if its capped to 25,000 miles.

Note bmi Diamond Club membership is restricted to residents of UK, Republic of Ireland, Belgium, France, the Netherlands, and Spain.