Yes. PCC valid for a year. CIC ask that if you submit PCC along with your application should have 3 months old not longer. That is why during the processing time of your PR application sometimes they ask an updated PCC if it will take longer.
Scroll down to the police certificate bit. For some reason my phone won't let me copy the text but it states that it needs to be 3 months old at the time of application.
the PCC has an expiry date of 3 months but as long as CIC receive it before its expired then you are good to go because CIC consider it valid for one year from its date of issue.
The PCC must be "recent" when you apply, for CIC that means it cannot be more than 3 months old at the time you submit your application. CIC considers it valid for 1 year - if it takes more than 1 year to process your application, CIC might request new PCCs...