I work for IBM on the Support Education Team and want to confirm Rupert's answer. I'll re-paste his answer and insert a
couple comments in bold.
He's correct. Archive policies are not supported by either version of LotusLive Notes. See this like for more info on policy support in LotusLive Notes http://www-10.lotus.com/ldd/bhwiki.nsf/dx/Policy_settings_supported_in_a_hybrid_environment_LLN
Currently this is accurate, however, in LLNotes your mail file has a 25GB quota so archiving should not be a concern.
Vinny Del Signore