A few of our clients and Kerrin have received this in an email recently. It's a scam. It looks quite convincing though, I imagine it's been fairly successful as scams go. They have the office logo correct, but it is old. Microsoft is not using 'Office 365' anymore; they're now calling it Microsoft 365. But hopefully the biggest giveaway that this is a scam is that it has come through in an email. This is not how your Microsoft 365 system will operate. If you need to enter your password the notification will pop up on your computer when you try to access one of the apps (Outlook, Word etc) or SharePoint. And the passwords don't expire.
In summary, as a general rule, you should never follow a link in an email and enter your login details. If you think it might be legitimate you can always go directly to the real site as you normally would and log in that way and check. Or just email it through to us as one of our clients did this morning - we're more than happy to take a look.