No. Otherwise I think you'll find a lot of doctors/lawyers with huge loans would head overseas immediately to wipe off six figure loans...
Indeed, government websites point out that you need to notify them if overseas for more than three months, as your repayment rates may change, and if you don't you may actually incur penalties, rather than having your loan forgotten about / made void.
However, Loan Cancellation DOES occur in some special situations, based ususally on duration of loan or your age, and differs slightly in Wales, Scotland or England. However it tends to be about when you turn 65, or when you've had your loan for 25 or 30 years, depending on location.
Loan cancellation does not occur after 5 years of being overseas, however it could after 10 years, if for example you are 65, and took out your loan in England.