No, you do not need to "requalify" each year. Don't know where you read that misinformation. You only need to report yearly, similar to a 90-Day report. At 5 years, you will be required to submit evidence that your financial and health insurance situations have not changed that may disqualify you from keeping the visa. I'm currently on year 2 of the Pensioner LTR and it has been just as advertised.