While I respect and understand Moonchild's rationale for implementing the password change policy in the first place, I'm sorry to say that I just find it to be frustrating.
I have to deal with enough regular password change policies in my workplace. To be frank, I don't think that it's especially realistic to expect that a person is going to keep some master password to unlock a "password lockbox" program to then be able to access umpteen other passwords.
In my experience, most people want to be able to either:
• Recall a password from memory; alternatively, write it down
• Save a password in a text file on their computer*
*
OR
• Recall a password from memory
• In very special cases (particularly when the password is for something
extremely important and serious) write down the password (which in this circumstance is probably not something easy to remember), and then put it away somewhere safe and secret.
It's happened more than once that I've been able to log back into an account I had on a website from years and years ago that was attached to some e-mail address that no longer exists,
because and
only because I recalled its password from memory. But there are now sites that make one jump through hoops just to access an old account that is, in fact, legitimately one's own!
I, and many others, do not want to have to go above and beyond to simply log into a website. The rigmarole should be the exception, not the rule.
And for that reason, I voted for a user's password to be retained, until and unless the user decides to change it.