More than 5 years and the type is gone.
But if you are talking about your Licence renewal on type (LPC/IR) then you can renew it any time you like within the 5 years. The only difference will be the new expiry date.
If you renew within 3 months then the expiry date will be 12 calendar months (last day of the 12th month).
If you renew before the 3 months then the licence will be valid until the 12th calendar months from the months you renewed it. (you renew now, in may then your licence will be valid until the 31st of May 2010).
The same principle applies to your medical but instead of 3 months it is 45 days (and the validity date is the date at which you did your medical.