Almost.
The renewal/revalidation thing is the wrong way round,
AFAIK. One revalidates a rating prior to expiry, one renews an expired rating. Pedantic, I know, but if you go on to search for references elsewhere then it might become important.
Secondly I was once told (when in the same boat as you, and by an FTO) that you can only revalidate an IR(A) in the sim once every two years, i.e. you must do it in the aircraft at least once every other year. Admittedly, I don't have a reference for that, so it's nothing more than hearsay/'perceived wisdom' unless someone produces one.
MEP revalidations (LPC) and renewals are always done on the aircraft.
HTH
Edit: P.S. If you revalidate a rating with less than 3 months to go before it expires, the validity will be extended by 12 months from the original expiry date, not the date of test. If you revalidate yours in May, before you go, it'll be 'too soon' for that bonus and it'll expire the following May.