Launchpad's page: https://edge.launchpad.net/~USER/+editpgpkeys lacks instructions for updating/renewing GPG key.
Simple instructions as below, would be very helpful.
1) You can use "gpg --list-keys" to get the key ID.
Look for line similar to "pub 12345/12ABCDEF"; the key is the alphanumeric section after the forward slash.
2) Renew your existng:
$ gpg --edit-key 12ABCDEF
>key x (in case you have sveral keys)
>expire (renew your existng)
>1y
>q
>y
3) Upload your new/updated key:
$ gpg --send-keys --keyserver keyserver.ubuntu.com 12ABCDEF
4) Wait up to 30 minutes before next upload.
Alternately, instructions might be added to https://help.launchpad.net/YourAccount/ImportingYourPGPKey and referenced at +editpgpkeys page.