How do Simplicity and Milford compare on fees?

Simplicity's funds carry an average annual fee of 0.25% compared with 0.88% at Milford. 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 Milford?

Based on 5-year average annualised returns from FMA Disclose data, Simplicity shows 4.05% across its KiwiSaver scheme fund range, and Milford shows 4.47%. 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 Milford?

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 Milford?

Simplicity offers 6 KiwiSaver scheme funds, while Milford 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.

Simplicity vs Milford

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 Milford differ

The most material difference between Milford and Simplicity is fees. Simplicity's average annual fee across its six funds sits at 0.25%, with every fund in the Simplicity KiwiSaver Scheme charged at that same flat rate. Milford's average fee across its six funds is 0.875%, with its actively managed growth option — the Milford KiwiSaver Plan's Active Growth Fund — carrying a 1.05% fee. That gap of roughly 0.625 percentage points in average fees is the central structural contrast between the two schemes.

On returns, Milford's six-fund average five-year return is 4.47% versus Simplicity's 4.05%, a spread of 0.42 percentage points. Simplicity's snapshot does not include a five-year return figure for its Defensive Fund, so a complete like-for-like comparison across all six funds on each side is not possible from this data alone.

Metric	Simplicity	Milford	Difference
Average 5Y Return	4.05%	4.47%	0.42% diff
Average Fees	0.25%	0.88%	0.63% diff
Number of Funds	6	6	0 diff
Total Members	148,826	213,717	—
Total AUM	$6059M	$14623M	—

Simplicity vs Milford

Why Simplicity and Milford differ

Compare

Fund Types

Key Data Comparison

Simplicity

Milford

Highest 5-year return funds

Simplicity Top Fund

Milford Top Fund

Reading the data: which provider suits which investor

Switching from Simplicity to Milford (or back)

Frequently asked questions

How do Simplicity and Milford compare on fees?

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

Can I switch from Simplicity to Milford?

Which provider has more fund options — Simplicity or Milford?

How is this data sourced?

Methodology and data sources

Related comparisons

Want personalised KiwiSaver guidance?

Important Information

First Home

Learn

Tools

Important Information and Disclosure