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Pathfinder 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 Pathfinder and Simplicity differ
The most striking difference between Pathfinder and Simplicity is their fee structures. Pathfinder's average annual fee across its four funds sits at 1.248%, with its lowest-fee option — the Conservative fund — charging 1.01%. Simplicity applies a flat 0.25% fee across all six of its funds, meaning the gap between the two averages is just under one percentage point. Over long contribution periods, that spread can materially affect a member's accumulated balance.
Scale also diverges sharply. Simplicity holds approximately NZD 6.06 billion in assets under management and serves around 148,826 people contributing to KiwiSaver, making it roughly ten times larger than Pathfinder by both AUM and membership. Pathfinder manages approximately NZD 606 million across 13,052 members. Pathfinder is explicitly positioned as an ethical and responsible investment specialist, which may partly explain its higher fee profile relative to Simplicity's passive, low-cost model.
On five-year returns, Pathfinder's scheme-wide average is 4.35% against Simplicity's 4.05% — a modest 0.30 percentage point difference in Pathfinder's favour, though five-year return data for each provider's highlighted top fund is absent from the current snapshot, so fund-level return comparisons cannot be made here. Pathfinder offers four funds and Simplicity six, giving Simplicity a slightly broader range of risk options within its KiwiSaver scheme.
All figures are drawn from FMA Disclose and each provider's Quarterly Fund Updates — readers should verify against the most recent QFU before making any decisions.
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 | Pathfinder | Simplicity | Difference |
|---|---|---|---|
| Average 5Y Return | 4.35% | 4.05% | 0.30% diff |
| Average Fees | 1.25% | 0.25% | 1.00% diff |
| Number of Funds | 4 | 6 | 2 diff |
| Total Members | 13,052 | 148,826 | — |
| Total AUM | $606M | $6059M | — |
Data sourced from FMA and provider disclosures. Past performance is not a reliable indicator of future returns.
Highest 5-year return funds
Pathfinder Top Fund
Pathfinder Kiwisaver High Growth Fund
Simplicity Top Fund
Defensive Fund
Reading the data: which provider suits which investor
Lower headline fees: Simplicity (0.25% 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: Pathfinder (4.35%) versus Simplicity (4.05%). 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: Simplicity (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 Pathfinder to Simplicity (or back)
- Decide the destination fund. Pick the specific Simplicity 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 Pathfinder and Simplicity compare on fees?
Pathfinder's funds carry an average annual fee of 1.25% 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 Pathfinder vs Simplicity?
Based on 5-year average annualised returns from FMA Disclose data, Pathfinder shows 4.35% 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 Pathfinder 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 — Pathfinder or Simplicity?
Pathfinder offers 4 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.
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.
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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.
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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.
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