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New Retention Policies
So it looks like we have a new take on Retention and Preservation in Office 365: https://support.office.com/en-us/article/Overview-of-retention-policies-5e377752-700d-4870-9b6d-12bfc12d2423#inste...
Hi Matt,
Yes you can create a single Retention Policy to protect all content that you refer.
Just make sure that all your licences supports retention.
Just to add that any existing Preservation policies should have been converted to Retention policies.