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Simplicity vs Kernel
Simplicity KiwiSaver Scheme offers 6 funds holding $6.9 billion; Kernel KiwiSaver Plan offers 15 funds holding $2.9 billion.
The median annual fund charge is 0.24% at Simplicity and 0.25% at Kernel (0.25% to 0.45% across 14 funds).
Five-year average annual returns run from 2.12% to 7.23% at Simplicity (3 funds with a five-year record) and from -2.75% to 9.63% at Kernel (3 funds with a five-year record).
Data as at 31 March 2026 to 30 June 2026, from each fund's latest quarterly fund update on the FMA Disclose register (quarterly fund updates).
Side-by-side KiwiSaver data — fees, 5-year returns, fund options, members, AUM. Sourced from FMA Disclose and provider PDS.
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 Kernel differ
Kernel and Simplicity differ most notably in scale and average returns. Simplicity manages roughly $6.94 billion in assets across 153,407 members, compared with Kernel's $2.86 billion across 15,370 members — a gap reflecting Simplicity's longer operating history and larger distribution base. On returns, the two providers' disclosed averages diverge: Simplicity reports an average 5-year return of 4.88%, versus 1.65% for Kernel, though neither snapshot breaks out individual fund-level 5-year figures for the top or lowest-fee fund listed (both show null for that metric), so this comparison relies on each provider's overall average rather than a single fund's track record.
Fee levels are close: Kernel's average sits at 0.279%, Simplicity's at 0.24%, and each provider's lowest-fee fund — Kernel's Cash Plus Fund at 0.25% and Simplicity's Defensive Fund at 0.24% — are similarly priced. Fund range differs more: Kernel offers 15 funds within its KiwiSaver scheme plan, giving members more options across risk bands and asset classes, while Simplicity runs 6 funds within its KiwiSaver scheme. Both operate a single scheme structure rather than multiple plans.
Readers weighing scale, return history, and the number of fund options available should note these structural differences rather than fee levels alone. This summary draws on FMA Disclose data and each provider's Quarterly Fund Updates; verify figures against the latest QFU before relying on them for decisions.
Cached comparison generated 2026-10-28 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 | Simplicity | Kernel | Difference |
|---|---|---|---|
| Average 5Y Return | 4.88% | 1.65% | 3.23% diff |
| Average Fees | 0.24% | 0.28% | 0.04% diff |
| Number of Funds | 6 | 15 | 9 diff |
| Total Members | 153,407 | 15,370 | — |
| Total AUM | $6937M | $2855M | — |
Data sourced from FMA and provider disclosures. Past performance is not a reliable indicator of future returns.
Highest 5-year return funds
Simplicity Top Fund
Defensive Fund
Kernel Top Fund
Kernel Cash Plus Fund
Reading the data: which provider suits which investor
Lower headline fees: Simplicity (0.24% average) versus Kernel (0.28%). Fee-sensitive investors and long-horizon savers (20+ years to retirement) typically weight fees heavily because they compound.
Higher historical 5-year return: Simplicity (4.88%) versus Kernel (1.65%). 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.
Switching from Simplicity to Kernel (or back)
- Decide the destination fund. Pick the specific Kernel 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 Simplicity and Kernel compare on fees?
Simplicity's funds carry an average annual fee of 0.24% compared with 0.28% at Kernel. 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 Kernel?
Based on 5-year average annualised returns from FMA Disclose data, Simplicity shows 4.88% across its KiwiSaver scheme fund range, and Kernel shows 1.65%. 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 Kernel?
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 Kernel?
Simplicity offers 6 KiwiSaver scheme funds, while Kernel offers 15. 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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