I have a CAA licence which is everlasting.
This is only true until April 2012 when a change in EU law will make the UK 'lifetime' PPL invalid for use in aircraft with an EASA CofA. The UK CAA may permit the licence to be used on aircraft not holding an EASA CofA (e.g. Rotorway) but has no power to permit an exemption to EU law.
It is also proposed that the same law change will introduce at the same time a requirement for pilots resident in the EU, or flying for companies whose main place of business is in the EU, to hold EU licences irrespective of the registration of the aircraft they are flying.