Kernel vs Milford

Lower headline fees: Kernel (0.28% average) versus Milford (0.88%). Fee-sensitive investors and long-horizon savers (20+ years to retirement) typically weight fees heavily because they compound.

Higher historical 5-year return: Milford (4.47%) versus Kernel (0.00%). Higher past return is not a forecast — it usually reflects asset-mix differences (more growth assets) and the specific 5-year window. A higher-growth portfolio also carries larger drawdowns.

Wider fund range: Kernel (15 funds) gives more granular control over asset allocation across categories. The provider with fewer options (6 funds) is typically more index- or default-fund focused.

This is data analysis, not advice. Whether either provider suits you depends on your investment horizon, risk tolerance, and personal circumstances. Consult a licensed financial adviser for guidance specific to your situation.

1. Decide the destination fund. Pick the specific Milford fund that matches your target risk profile (Conservative / Balanced / Growth / Aggressive).
2. Apply with the new provider only. You do not need to contact your current provider. The new provider initiates the IRD/transfer process on your behalf.
3. Wait 10–15 business days. Funds transfer at unit price on the day of transfer. There are no exit fees, tax penalties, or contribution interruptions.
4. Update your PIR if needed. A change of provider is a good prompt to confirm your Prescribed Investor Rate (PIR) is correct.

You can only be in one KiwiSaver scheme at a time. Switching between funds within the same provider is a separate, usually instant process — see our switching-funds guide. For full step-by-step provider-switch instructions including the eligibility letter and bank-transfer mechanics, see how to switch KiwiSaver provider.