How do Generate and Simplicity compare on fees?

Generate's funds carry an average annual fee of 1.30% compared with 0.25% at Simplicity. Illustrative — sub-1-percentage-point fee gaps compound over multi-decade horizons. Compare net-fee return as well as fee level — see the side-by-side data above.

What are the 5-year returns for Generate vs Simplicity?

Based on 5-year average annualised returns from FMA Disclose data, Generate shows 3.84% across its KiwiSaver scheme fund range, and Simplicity shows 4.05%. Past performance is not a reliable indicator of future returns and returns can be negative in any given year.

Can I switch from Generate to Simplicity?

Yes. Switching KiwiSaver providers is free, requires no permission from your current provider, and typically takes 10–15 business days. You apply with your chosen new provider — they handle the transfer with your old provider directly. There are no exit fees or tax penalties. See our switching guide for the step-by-step process.

Which provider has more fund options — Generate or Simplicity?

Generate offers 21 KiwiSaver scheme funds, while Simplicity offers 6. A larger fund range gives more granular control over your asset allocation; a smaller range typically reflects a focused index- or default-fund philosophy.

How is this data sourced?

All figures are extracted from the FMA Disclose register and provider PDS / Quarterly Fund Update documents. Returns are 5-year annualised averages where available. AUM and member counts are sourced from the most recent provider disclosures. Data is refreshed quarterly. See methodology below.

Generate vs Simplicity

Side-by-side KiwiSaver data — fees, 5-year returns, fund options, members, AUM. Sourced from FMA Disclose and provider PDS.

Last updated: 2026-05-09

General Information Only: This page provides factual data for comparison purposes and does not constitute financial advice. Individual circumstances vary.Read our disclosure

Why Generate and Simplicity differ

The most material difference between Generate and Simplicity is fees. Generate's average annual fee across its 21 funds sits at 1.298%, compared to Simplicity's 0.25% average across its 6 funds — a gap of more than one percentage point that compounds meaningfully over a long savings horizon. Simplicity operates as a non-profit, which partly explains its low-cost structure, while Generate's higher fees reflect an actively managed approach across a broader fund range.

On scale, Generate holds NZD 8.78 billion in assets under management across 226,465 members, compared to Simplicity's NZD 6.06 billion and 148,826 members — both substantial KiwiSaver scheme operators, though Generate is meaningfully larger on both measures.

Metric	Generate	Simplicity	Difference
Average 5Y Return	3.84%	4.05%	0.21% diff
Average Fees	1.30%	0.25%	1.05% diff
Number of Funds	21	6	15 diff
Total Members	226,465	148,826	—
Total AUM	$8784M	$6059M	—

Generate vs Simplicity

Why Generate and Simplicity differ

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Frequently asked questions

How do Generate and Simplicity compare on fees?

What are the 5-year returns for Generate vs Simplicity?

Can I switch from Generate to Simplicity?

Which provider has more fund options — Generate or Simplicity?

How is this data sourced?

Methodology and data sources

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