vs
Milford vs Pathfinder
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 Milford and Pathfinder differ
The most material structural difference between Milford and Pathfinder is scale: Milford holds approximately NZD 14.6 billion in assets under management across 213,717 members, while Pathfinder manages around NZD 606 million across 13,052 members — a roughly 24-to-1 gap in AUM and a 16-to-1 gap in membership.
Fees represent a second meaningful contrast. Pathfinder's average fee across its four funds within the Pathfinder KiwiSaver Plan sits at 1.25%, with even its lowest-cost option — the Conservative fund — charging 1.01%. Milford's average fee across its six funds in the Milford KiwiSaver Plan is 0.88%, and its lowest-fee option, the Cash fund, charges just 0.20%. Milford therefore offers a wider fee range, giving members at lower-risk allocations notably cheaper access.
On returns, the two providers are close in aggregate: Milford's average five-year return is 4.47% versus Pathfinder's 4.35%. However, Milford's Active Growth fund — its highest-returning option — delivered 6.82% over five years, and this figure has a direct comparable. Pathfinder's High Growth fund does not yet disclose a five-year return figure in the data sourced here, so a like-for-like growth comparison at the top end is not possible with current figures.
Pathfinder markets itself explicitly around ethical and responsible investment, which the data snapshot does not quantify but may be a relevant factor for some people contributing to KiwiSaver.
All figures are drawn from FMA Disclose and provider Quarterly Fund Updates; verify against the latest QFU before relying on any of this data.
Cached comparison generated 2026-07-05 from each provider's FMA Disclose Quarterly Fund Update data. Regenerated when the underlying facts change. Information only — not financial advice.
Key Data Comparison
| Metric | Milford | Pathfinder | Difference |
|---|---|---|---|
| Average 5Y Return | 4.47% | 4.35% | 0.12% diff |
| Average Fees | 0.88% | 1.25% | 0.37% diff |
| Number of Funds | 6 | 4 | 2 diff |
| Total Members | 213,717 | 13,052 | — |
| Total AUM | $14623M | $606M | — |
Data sourced from FMA and provider disclosures. Past performance is not a reliable indicator of future returns.
Highest 5-year return funds
Milford Top Fund
Milford Kiwisaver Active Growth Fund
Pathfinder Top Fund
Pathfinder Kiwisaver High Growth Fund
Reading the data: which provider suits which investor
Lower headline fees: Milford (0.88% average) versus Pathfinder (1.25%). 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 Pathfinder (4.35%). 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: Milford (6 funds) gives more granular control over asset allocation across categories. The provider with fewer options (4 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.
Switching from Milford to Pathfinder (or back)
- Decide the destination fund. Pick the specific Pathfinder fund that matches your target risk profile (Conservative / Balanced / Growth / Aggressive).
- 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.
- 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.
- 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.
Frequently asked questions
How do Milford and Pathfinder compare on fees?
Milford's funds carry an average annual fee of 0.88% compared with 1.25% at Pathfinder. 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 Milford vs Pathfinder?
Based on 5-year average annualised returns from FMA Disclose data, Milford shows 4.47% across its KiwiSaver scheme fund range, and Pathfinder shows 4.35%. Past performance is not a reliable indicator of future returns and returns can be negative in any given year.
Can I switch from Milford to Pathfinder?
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 — Milford or Pathfinder?
Milford offers 6 KiwiSaver scheme funds, while Pathfinder offers 4. 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.
Methodology and data sources
Source: Financial Markets Authority (FMA) Disclose register, provider PDS documents, and Quarterly Fund Updates (QFUs).
Returns: 5-year annualised averages, after fees and before tax (per FMA QFU convention). Where a fund has fewer than 5 years of history it is excluded from the average.
Fees: Total annual fund charge (TAFC) as disclosed in the most recent QFU.
AUM and members: Most recent provider scheme disclosure.
Refresh cadence: Quarterly, following each QFU release.
Categories: Conservative / Balanced / Growth / Aggressive normalised across providers using each fund's own self-classification with light mapping (defensive and cash → Conservative; high-growth → Aggressive).
FundCompare is not a Financial Advice Provider. We compare and inform; we do not recommend or advise. Past performance is not a reliable indicator of future returns.
Related comparisons
Want personalised KiwiSaver guidance?
Use our 60-second quiz to share your situation — we'll connect you with a licensed Financial Advice Provider from our partner network. Free, no obligation.
Prefer to browse yourself? Find a licensed financial adviser in the FinanceAdvisers.co.nz directory, or check the full register at fma.govt.nz.
Important Information
Disclaimer: This page provides general information only and does not constitute financial advice under the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider (FAP).
We do not assess suitability, make recommendations, or provide personalised advice. The information shown is sourced from publicly available data and may not reflect current offerings. Past performance is not a reliable indicator of future returns. Investment returns can be negative, and you may receive back less than you invested.
Before making any decisions: Always verify current information directly with the relevant KiwiSaver provider and read their Product Disclosure Statement (PDS).
Need personalised advice? Consult a licensed Financial Advice Provider. Find advisers at fma.govt.nz
Compare every fund on the FMA Disclose register. Refreshed quarterly. Independent — FundCompare is not a Financial Advice Provider; general information only.
Compare
Learn
Important Information and Disclosure
The information provided on this website is not a recommendation to buy, sell, or hold any financial products. Nothing on this website constitutes financial advice for the purposes of the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider.
Investing involves risk. The value of your investment can go down as well as up, and you may get back less than you put in. Past performance is not a reliable indicator of future returns.
Before making any investment decision, you should read the Product Disclosure Statement (PDS) for the fund carefully. If you have questions or are unclear about the implications of your investment decision, you should seek advice from a licensed Financial Advice Provider.
All information displayed is sourced from scheme providers, the Disclose Register, and the Sorted Smart Investor universal feed (operated by Te Ara Ahunga Ora Retirement Commission), or other publicly available sources. We take reasonable steps to ensure accuracy but cannot guarantee information is always current or complete.
FundCompare.co.nz may receive referral fees or commissions from scheme providers if you sign up via links on this website. These payments do not influence the order, ranking, or inclusion of products displayed.
For more information, please see our Terms of Service, Privacy Policy, and Disclosure Statement.
This website is operated by FundCompare.co.nz and is not endorsed by, or affiliated with, the New Zealand government or Inland Revenue. FundCompare.co.nz is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click here.
© 2026 FundCompare.co.nz. All rights reserved.