SharePoint's Information Management Policies, which only come with the pay versions of SharePoint, are used to perform various automated actions on list and library items based on date properties. The built-in time formula can be based on either the date the item was created, modified, or declared record. The following is a list of actions that can be launched when the chosen time period elapses:
The same action can be set to reoccur at a set interval and/or multiple stages can be created to perform different actions for the created, modified, or declared record states of an item.
If you have developers in your organization, the Information Management Policy system supports custom retention formulas to go beyond the created, modified, and declared record date properties.
Information Management Policies can be defined with a content type. The content type policy can be overridden with a policy defined in a list/library.