as I understand it yes. Then you have a year to apply the certs before they expire. You can redeposit and get another year on the points(I think until the next year end so almost two years potentiality, I think, others can confirm). But if you haven’t met qualifications they will be held hostage till you do or they expire.

So if you don’t think you’ll qualify in time you can redeem for certs you’ll use and or turn into miles.