Retirement Adviser book by National Institute of Securities Markets

Retirement Adviser is a comprehensive, practice-oriented resource designed to equip aspiring individuals with the knowledge framework mandated under the Pension Fund Regulatory and Development Authority (PFRDA) Regulations, 2016. Developed by the National Institute of Securities Markets (NISM), this workbook establishes a uniform knowledge benchmark for individuals offering professional retirement advisory services. Drawing on regulatory expectations, product structures, compliance standards, and advisory workflows, the book provides a comprehensive foundation in retirement planning—from core concepts to product selection, risk understanding, operations, and service delivery. It is aligned to the syllabus of the NISM Retirement Adviser Certification Examination and reflects the competencies required to guide subscribers effectively and ethically. It covers fundamental retirement planning concepts, retirement planning products and strategies, fund performance evaluation, the National Pension System (NPS), compliance norms, operational responsibilities, and service obligations for a licensed Retirement Adviser.

This book is intended for the following audience:

• Individuals, Partners, Proprietors & Representatives seeking registration as Retirement Advisers under PFRDA Regulations 2016
• Financial Planners, Wealth Managers &Investment Advisers involved in long-term retirement planning and pension solutions
• NPS-focused Professionals looking to deepen their understanding of onboarding, compliance, product suitability, and subscriber servicing
• Employees of Intermediaries functioning within pension ecosystems (POPs, pension funds, aggregators, etc.)
• Students & Aspirants preparing for the NISM XVII certification to enhance professional credentials
• Banks, Insurance Distributors & Financial Inclusion Professionals who handle retirement-related customer engagement

The Present Publication is the June 2025 Workbook Version, developed in collaboration with the Certification Team of NISM and Sunita Abraham. This version of the book has been reviewed by Jitendra Solanki. It is published exclusively by Taxmann, with the following noteworthy features:

• [Complete Coverage] of the Retirement Adviser Certification Examination, ensuring complete exam relevance
• [Advisory Lifecycle Coverage] Including awareness building, onboarding, advisory responsibilities, compliance, reporting, and subscriber servicing
• [Structured Retirement Planning] using a structured, real-world approach, including goal-based planning, contribution strategies, risk considerations, and product fitment
• [Comprehensive NPS Module] including subscriber registration, fund choices, asset allocation, forms, reporting, and operational frameworks
• [Compliance-focused Insights] aligned with PFRDA guidelines—Code of Conduct, KYC/AML obligations, conflict-of-interest norms, confidentiality requirements, and fraud prevention, as detailed in the regulations section
• [Practical Guidance] on fund evaluation, NAV interpretation, market trends, and portfolio monitoring—core elements for subscriber guidance
• [Operational Resources] such as NPS forms for NRIs (Annexure) with detailed instructions for use

The workbook's content spans the full spectrum of knowledge required of a Retirement Adviser, including:

• Retirement Planning Fundamentals
• Purpose, importance, and financial independence
• Understanding longevity, inflation, corpus-building, and lifecycle investing
• Retirement Planning Products
• Comprehensive review of India's retirement product landscape
• Comparative analysis of NPS vs. other pension instruments
• NPS Framework in Detail
• Subscriber onboarding process, forms, documentation, and KYC
• Pension funds, asset classes, investment choices, annuity mechanisms
• Fee structures, service standards, intermediaries, and operational workflows
• Advisory Responsibilities Under PFRDA
• Includes obligations such as:
• Creating awareness of NPS and other pension schemes
• Advising on contributions, fund selection, and portfolio monitoring
• Ensuring compliance with KYC, AML, and CFT norms
• Maintaining confidentiality and managing conflicts of interest
• Fund Evaluation & Market Concepts
• Understanding NAV, asset allocation shifts, and market movements
• Evaluating pension fund performance through regulatory disclosures
• Compliance, Controls & Reporting
• Internal control frameworks and fraud-prevention mechanisms
• Reporting duties toward PFRDA
• Operations & Service Delivery
• Subscriber communication, updates, changes in guidelines, and servicing norms
• Process flows for modifying details, exiting or withdrawing, and fund switching, etc.
• Annexures & Practical Forms
• NPS forms (including forms for NRIs) along with detailed instructions

The workbook follows a concept-to-practice progression:

• Conceptual Foundation – Core theory on retirement needs, planning principles, and financial reasoning
• Product Landscape – Detailed coverage of NPS and all relevant retirement instruments
• Advisory Process – Step-by-step understanding of subscriber needs, product suitability, and advisory decision-making
• Compliance & Regulation – In-depth discussion of PFRDA Regulations, Code of Conduct, obligations, and reporting
• Operational Guidance – Hands-on sections with forms, processes, checklists, and practical scenarios
• Annexures – Practical forms, regulatory extracts, and supplementary reading
• This structured approach ensures that learners progress from fundamental knowledge to advanced operational proficiency