@StanV welcome to the Atlassian Community. Please see this article regarding data retention and access to paid plans after cancellation of subscription.
The short story is that the data and site will be available for 60 days after cancellation should you choose to reinstate it. All sandboxes created will immediately be deleted though. If you'd like to transistion the plan from Premium->Free
https://support.atlassian.com/security-and-access-policies/docs/track-storage-and-move-data-across-products/
An alternative is to downgrade you plan from Premium to Free by following these steps:
If you have more than 10 users, you won’t be able to switch to our Free plan. This is because our Free plan is limited to a maximum of 10 users per site. Therefore, you’ll need to remove any additional users before you can downgrade.
Removing Confluence users
To remove users from your Confluence site:
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Go to admin.atlassian.com.
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On the Overview page, select More actions (…) next to Confluence.
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From the dropdown menu, select Manage users.
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Locate the user you wish to remove and select More actions (…) next to their name.
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From the dropdown menu, select Suspend. This action removes the user from your site.
Repeat until you have 10 or fewer users.
To downgrade and change your plan selection:
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Go to admin.atlassian.com and select the billing tab.
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Under Products and Apps, look for Confluence and select Manage.
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Under Active Subscriptions, find your Confluence Premium subscription.
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Select Change and pick Free.
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Lastly, you’ll need to acknowledge the terms and conditions before you select Confirm plan change to save your changes.
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