I could understand it if it were linked to a test - to bring drivers up to date with newer legislation - but it's merely a fund-raiser, increasing the number of final-salaried-pensioned, taxpayer-funded, hold-the-country-to-ransom jobsworths needed to keep up with the increasing number of drivers.
I'll stick to my genuine, clean, valid-for->52-years-from-the-date-of-issue paper licence, thanks. Which, incidentally, allows me to drive more classes of vehicle than if I were to swap it for a plastic one.
Swap it for a modern one? Lose entitlement to drive exciting things like steamrollers (or tanks, solo, with L-plates)? Have to renew every 10 years? And pay for the priviledge? I think not.
It just needs laminating (the sellotape doesn't stick any more), but a folded laminated licence won't fit in my wallet.
It also costs to have expired points to be removed from your licence. It is, however, free to change your address details - and any other changes required (points removal, etc) will also happen if you request them when you send your licence off for the address change.
So, if you are expecting a renewal or need points removed - plan around your next posting date! If this is irrelevant to you - cough up, you civvie turd.