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I believe you get the set retainers back.
The retainer isn't deleted (though Square Enix says they MIGHT delete retainers that aren't paid for for a long period) but you simply can't access them, you can't remove or insert items, can't change their equipment (for ventures), etc.
If you decide to pay for them at some point in the future you CANNOT simply pay for 1 month, you HAVE to pay for the retainer for the same duration as your remaining sub, i.e. if you have 5 months of sub remaining then you have to pay for 5 months of retainer, no other durations are available. This works the other way too, if you have 5 days of sub left you have to pay for 5 days of retainer access.