How do Simplicity and Westpac compare on fees?

Simplicity's funds carry an average annual fee of 0.25% compared with 0.45% at Westpac. 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 Westpac?

Based on 5-year average annualised returns from FMA Disclose data, Simplicity shows 4.05% across its KiwiSaver scheme fund range, and Westpac shows 2.90%. 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 Westpac?

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 Westpac?

Simplicity offers 6 KiwiSaver scheme funds, while Westpac offers 8. 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 Westpac

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 Westpac differ

The most material difference between Simplicity and Westpac is fee structure. Simplicity charges an average of 0.25% across its six funds, while Westpac averages 0.45% across its eight funds — a gap that compounds meaningfully over a long KiwiSaver savings horizon. Both schemes share the same entry-level fee of 0.25% (Simplicity's Defensive Fund and Westpac's Cash Fund), but Westpac's higher-growth options carry steeper charges, with its Growth Fund priced at 0.55%.

On average five-year returns, Simplicity records 4.05% against Westpac's 2.90%, though this comparison has limits: Simplicity's snapshot does not include a five-year return figure for its flagged Defensive Fund, and return averages are shaped heavily by each scheme's fund mix. Westpac's Growth Fund specifically returns 6.56% over five years, suggesting meaningful variation within that scheme's range.

Metric	Simplicity	Westpac	Difference
Average 5Y Return	4.05%	2.90%	1.15% diff
Average Fees	0.25%	0.45%	0.20% diff
Number of Funds	6	8	2 diff
Total Members	148,826	523,938	—
Total AUM	$6059M	$12625M	—

Simplicity vs Westpac

Why Simplicity and Westpac differ

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Simplicity

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Frequently asked questions

How do Simplicity and Westpac compare on fees?

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

Can I switch from Simplicity to Westpac?

Which provider has more fund options — Simplicity or Westpac?

How is this data sourced?

Methodology and data sources

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