How do Simplicity and Generate compare on fees?

Simplicity's funds carry an average annual fee of 0.25% compared with 1.30% at Generate. 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 Simplicity vs Generate?

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

Can I switch from Simplicity to Generate?

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 — Simplicity or Generate?

Simplicity offers 6 KiwiSaver scheme funds, while Generate offers 21. 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.

Simplicity vs Generate

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

Simplicity vs Generate

Why Simplicity and Generate differ

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Key Data Comparison

Simplicity

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Highest 5-year return funds

Simplicity Top Fund

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Reading the data: which provider suits which investor

Switching from Simplicity to Generate (or back)

Frequently asked questions

How do Simplicity and Generate compare on fees?

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

Can I switch from Simplicity to Generate?

Which provider has more fund options — Simplicity or Generate?

How is this data sourced?

Methodology and data sources

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