I seem to remember though something (cannot find it in CAP 804) that if you let your SEP rating lapse and then do not renew it within 60 months of the date of its last renewal then you basically have to do the whole 45 Hour PPL course again
I'm not sure what you've been smoking but that was never the case, whether under EASA, the JAA or the UK CAA. All you have ever needed to resurrect an expired licence is a valid medical and a valid type rating (and, in the case of an ATPL(A) or ATPL/IR(H), a valid IR). Where do these idiot rumours come from?