How long a record must be kept before disposal is allowed, set by an approved disposal authority. Keeping records too long adds risk and cost; destroying them early is a bigger legal risk.
Retention is how long a record must be kept before disposal is allowed, set by an approved disposal authority. Keeping records longer than necessary adds privacy, discovery, and storage risk; but destroying them early is the bigger legal risk.
From approved disposal authorities and schedules, which are based on appraisal of business, accountability, and legal needs. Until disposal is authorised, the Act requires records to be maintained.
IAR turns terms like this into working practice: assets classified against your disposal authority, stewarded by position, and ready to evidence.