Recently I had a requirement to delete the items in a list after a specified amount of time automatically. I thought to set up a Expiration Information Management Policy on a list to do this automatically. With the Expiration Information Management Policy I can delete/move the items from list after a specified period of time or can trigger a workflow if I want to move them in some archival list.
When I navigated to Settings -- List Settings -- Permission and Management -- Information Management Policy Setting, and selected the Expiration policy it was disabled.
In my list there was no column defined having data type as Date. Then I created a column in the list with the information type as Date. Once this column is create the retention period policy is enabled.