When a player wishes to retire a character, they may speak to the Spectre of Eternity (one wanders the tutorial caravan, another can be found in the mists of the Fugue Plane). Retiring a character will not delete the character, it will simply remove the character from the account's list of playable characters. If a player attempts to log in with a retired character, they will be automatically booted off the server. Retiring a character is a permanent and irrevocable action.
Similarly, attempting to create more than the allowed characters will automatically log the player off the server.
This is currently not in effect. At this time, a player may have more than five characters.