How do Kernel and Simplicity compare on fees?

Kernel's funds carry an average annual fee of 0.28% 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 Kernel vs Simplicity?

Based on 5-year average annualised returns from FMA Disclose data, Kernel shows 0.00% 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 Kernel 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 — Kernel or Simplicity?

Kernel offers 15 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.

Kernel 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 Kernel and Simplicity differ

The most material structural difference between Kernel and Simplicity is scale. Simplicity holds approximately NZD 6.06 billion in assets under management across 148,826 KiwiSaver members, while Kernel manages roughly NZD 784 million across 15,370 members — meaning Simplicity operates at nearly eight times the asset scale and close to ten times the membership base. This difference in scale can carry implications for operational efficiency and scheme longevity, though neither factor alone determines member outcomes.

On fees, the two providers are closely matched. Simplicity's average fee across its six funds sits at 0.25%, while Kernel's average across its 15 funds is 0.277% — a narrow gap of roughly 0.03 percentage points. Kernel's lowest-fee fund, the S&P Global Dividend Aristocrats fund, also sits at 0.25%, matching Simplicity's floor.

Metric	Kernel	Simplicity	Difference
Average 5Y Return	0.00%	4.05%	4.05% diff
Average Fees	0.28%	0.25%	0.03% diff
Number of Funds	15	6	9 diff
Total Members	15,370	148,826	—
Total AUM	$784M	$6059M	—

Kernel vs Simplicity

Why Kernel and Simplicity differ

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Key Data Comparison

Kernel

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Switching from Kernel to Simplicity (or back)

Frequently asked questions

How do Kernel and Simplicity compare on fees?

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

Can I switch from Kernel to Simplicity?

Which provider has more fund options — Kernel or Simplicity?

How is this data sourced?

Methodology and data sources

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