Not exactly. They don't "expire" under their own terms but as my lady wife recently found out, they must be "renewed" within 30 days or so when you reach age 70 by securing a health certificate from an approved physician.
As we are not returning to Switzerland until 6 weeks after her 70th, that meant that we had to return her license for cancellation, schedule a medical appointment for after our return, and she can then have it renewed. (The old "never expiring" license was sent back to her with 3 holes punched in it "as a souvenir". Severe penalty, they said, if she did not.)
(She got that license (actually a paper one from Geneva) in 1991 as a foreign diplomat: no tests, no nothing; to exchange it for another canton in credit-card format, cost 45 francs a few years ago.)
I have a UK license, and once I reached 70 no other EU license was valid in the UK (and mine was not exchangeable since I never took any tests for it, it wasn't valid in the UK either for that reason but I didn't know that then); indeed I had to take theory and practical tests in the UK (probably easier than CH but considerably harder than the NY and Quebec tests I took as a teenager). Third time lucky. To renew those every 2 years only requires my signature. It would seem that DVLA take it that if I can sign my name I don't have dementia and am not sight-impaired.
We are dual resident, and in principle (it seems) we should exchange licenses every time we move from one country to the other; but since my vehicle is UK-registered I keep just that one, fearing that (with my CH ID card) I'd be hit by Customs if I conceded CH residence for anything but tax purposes: we are taxed in 3 countries and it hurts.
(It seems I could have exchanged my QC license for a GB one but without proof that I took the test (53 years ago!) on a manual transmission I would have had a GB license limited to automatic. Nonsense. Anyway, as my driving instructor said, over the past half-century I have picked up bad driving habits, though no tickets yet.)
Wondering what that means, maybe triple nationality? Daughter, her son and I were at the Swiss Embassy on Montagu Place yesterday to apply for Swiss passports. Daughter is US-GB-CH; her son is GB-CH only as she has never lived in the US. Apparently -- never mind the migrants massing at the border -- nobody living abroad and with more than $10,000 of assets ought to want to be American. So, they say, he is truly blessed. We have another grandchild, and when his mother applied at the same Embassy a few weeks ago for a passport for her newborn the Swiss consul said "another from your family". Guess we are the last generation to have lots of Swiss children. (That kid is CH-GB-IRL-AUS. Don't ask.)