Approach retirement with confidence, Opaleke urges UNILORIN staff
By Isaac Lewu
A Deputy Registrar at the University of Ilorin, Mr Moses Opaleke, has encouraged staff members of the University to approach retirement with confidence rather than fear.
Drawing from his experience as a pensions administration expert, Mr Opaleke emphasised that retirement is not an end to productivity but a natural and inevitable stage of life that should be embraced with preparation and optimism.
Mr Opaleke gave this advice last Tuesday (April 21, 2026) at the University Auditorium while speaking at a sensitisation exercise for staff members who are approaching retirement. The event was organised by the Pension and Gratuity Unit of the University Registry in conjunction with the Custodian Life Assurance.
He explained that anxiety about retirement often stems from uncertainty, which can be addressed through proper planning and informed decision-making.
Mr Opaleke observed that many workers focus heavily on their active years of service while neglecting preparation for life after retirement.
According to him, retirement should be seen as a transition into a new phase filled with opportunities for personal growth, entrepreneurship, and community engagement.
Mr Opaleke urged staff members of the University to shift their perspective and view retirement not as a loss, but as a chance to explore passions and interests previously limited by the demands of full-time work.
He further advised employees to think beyond traditional pension plans by diversifying income sources through ventures such as small businesses, agriculture, consultancy, or skill-based enterprises. He noted that proactive steps like acquiring new skills, building networks, and making wise financial investments can significantly enhance post-retirement quality of life.
Mr Opaleke urged the staff to adopt a forward-thinking mindset, stressing that letting go of fear and embracing preparation can secure both financial stability and a renewed sense of purpose.
He added that with the right approach, retirement can become a period of independence, creativity, and continued contribution to society.
Also speaking, the Assistant General Manager and Head of Retail Sales at Custodian Life Assurance, Mr Victor Peters, emphasised the importance of informed decision-making as staff approach their retirement.
Mr Peters explained that the Pension Reform Act provides two primary options for retirees: Retiree Life Annuity and Programmed Withdrawal.
According to him, the Retiree Life Annuity guarantees income for life, offering stability and peace of mind, while Programmed Withdrawal provides payments over a defined period based on life expectancy. He urged staff to carefully evaluate both options in line with their long-term financial goals.
Mr Peters described Custodian Life Assurance as a dependable institution under the Custodian Investment Plc, highlighting the group’s strong financial performance as of the end of 2025. He cited key indicators including total assets exceeding ₦1 trillion, revenue of about ₦225 billion, and solid profitability, reflecting the group’s strength, liquidity, and solvency.
He further assured participants that investing in annuity products and other life insurance solutions—such as Deferred Annuity, education plans, personal pension schemes, and investment packages—provides long-term security and confidence.
Other dignitaries present at the event included a former Vice Chancellor of the University, Prof. AbdulGaniyu Ambali, OON; the Director of Corporate Affairs, Mr Kunle Akogun; a Deputy Director at the Directorate of Corporate Affairs, Mr Festus Ogunyinka, and several other staff members.
