A licence gives you access to any version released before the expiry date on the licence.
If you want a newer version though, yes, you will need to be licenced, which does mean paying the annual fee.
If you've let it lapse, that's not a problem - you can renew and back-pay it if you want to retain maintenance, but if you've left it too long, you'll find it cheaper to simply buy a new licence.
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