Data retention periods should be periodically reviewed. However, the regularity with which particular data should be reviewed depends on the nature of the data, its use, and the organisation that’s using it.
You can select how often your data retention periods should be reviewed. An appropriate approach could be to, for example, review retention periods thoroughly once every year but also keep track of any changes to the law that require retention periods to change (eg if the time period for which PAYE or family leave pay records must be retained were to change).