What is a Conservative KiwiSaver scheme fund?

Conservative KiwiSaver scheme funds invest about 10–35% in growth assets (shares and property) and 65–90% in income assets (bonds and cash). They prioritise capital preservation and steady returns over long-term growth. Typically suited to first-home buyers within 1–3 years of purchase, members within 5 years of age 65, or anyone who values low volatility over higher long-term return.

Who is a Conservative KiwiSaver scheme fund suited to?

First-home buyers needing the money within 1–3 years, members within 5 years of retirement, and savers who prioritise stability over growth. If you have 10+ years until you need the money, a Balanced or Growth fund typically delivers higher long-term returns after fees and tax — at the cost of more short-term volatility.

What 5-year returns do Conservative funds show?

In our FMA-Disclose-sourced database the average 5-year annualised return across Conservative KiwiSaver scheme funds sits around 1.8%, with average annual fees of 0.82%. Returns are lower than Balanced or Growth funds but with smaller drawdowns. Past performance is not a reliable indicator of future returns.

Are Conservative KiwiSaver scheme funds 'safe'?

Conservative is the lowest-volatility category among the standard KiwiSaver scheme fund types — it is not risk-free. Bond prices fall when interest rates rise (as in 2022), so even Conservative funds can post negative annual returns. The trade-off is you accept lower long-term return in exchange for smaller peak-to-trough drawdowns.

Should I use a Conservative fund for a first-home deposit?

If your purchase is within 1–3 years, many investors do shift to Conservative or Defensive to protect the deposit from a near-term market drawdown. If your purchase is 5+ years away, the volatility of Balanced or Growth typically pays for itself in higher expected return. The decision depends on your time horizon and tolerance for the deposit moving 5–10% in either direction in any given year.

When do investors typically switch from Growth to Conservative?

A common pattern is to glide down through fund types as the savings horizon shortens — for example, Growth or Aggressive in your 20s–40s, Balanced in your 50s, Conservative or Defensive in the few years approaching retirement. A switch within the same provider is usually instant; a switch to a different provider takes 10–15 business days. Both are free of exit fees.

Conservative KiwiSaver scheme funds | FundCompare

FundCompare

Conservative KiwiSaver Funds Comparison

Compare all 46 Conservative KiwiSaver scheme funds — 5-year returns, fees, and asset mix. Sourced from FMA Disclose, refreshed quarterly.

Last updated: 2026-05-09

Total Conservative Funds

Low-risk options

Average Return

1.82%

5-year average

Average Fees

0.82%

Annual fees

Strongest 5-yr return

4.02%

Superlife Conservati...

What are Conservative KiwiSaver Funds?

Conservative funds invest 0-30% in growth assets (shares/property), with 70-100% in income assets (bonds and cash). They prioritize capital preservation and steady returns over high growth.

✅ Suited to:

• First home buyers (need money in 1-3 years)
• Near-retirees (within 5 years of age 65)
• Risk-averse investors
• Short-term savings goals

⚠️ Consider Instead If:

• You have 10+ years until retirement → Balanced funds
• You want higher long-term returns → Growth funds
• You're comfortable with volatility → Growth funds

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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

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FundCompare

Compare every fund within a KiwiSaver scheme on the FMA Disclose register. Refreshed quarterly. Independent — FundCompare is not a Financial Advice Provider; general information only.

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Fund Types

All Conservative Funds Ranked by Performance

Rank	Fund Name	Provider	5-Year Return	Fees	Risk	Members
#1	Superlife Conservative Fund	Smartshares	4.02%	0.67%	4/7	1k
#2	Milford Kiwisaver Moderate Fund	Milford	3.63%	0.95%	3/7	7k
#3	Quaystreet Conservative Fund	Smartshares	3.53%	0.86%	3/7	0k
#4	Conservative Portfolio	Maritime	3.53%	0.61%	4/7	0k
#5	Default Conservative Fund	Fisher	3.34%	0.51%	3/7	73k
#6	Socially Responsible Moderate Fund	Booster	2.81%	1.21%	4/7	3k
#7	Moderate Fund	Booster	2.76%	1.08%	3/7	12k
#8	Conservative Fund	SuperEasy	2.74%	0.51%	3/7	0k
#9	Automatic Fund (Age 80)	SuperEasy	2.73%	0.51%	3/7	0k
#10	Conservative Fund	Westpac	2.72%	0.40%	3/7	140k
#11	Pathfinder Kiwisaver Conservative Fund	Pathfinder	2.70%	1.01%	3/7	1k
#12	Asset Class Conservative Fund	Booster	2.66%	1.12%	4/7	1k
#13	Pie Kiwisaver Conservative Fund	Pie	2.64%	0.69%	3/7	1k
#14	BNZ Kiwisaver First Home Buyer Fund	BNZ	2.61%	0.45%	3/7	19k
#15	Milford Kiwisaver Conservative Fund	Milford	2.57%	0.85%	3/7	9k
#16	Defensive Conservative Fund	Westpac	2.57%	0.40%	3/7	13k
#17	Lifestages Auto Option Age 65+	SBS	2.52%	0.96%	3/7	0k
#18	Goalsgetter Amova Conservative Fund	Nikko	2.52%	1.05%	3/7	0k
#19	AMP Conservative Fund (Lifesteps)	AMP	2.51%	0.84%	3/7	5k
#20	AMP Conservative Fund	AMP	2.51%	0.84%	3/7	11k
#21	Conservative Fund	Fisher	2.44%	0.87%	4/7	70k
#22	Conservative Fund	MAS	2.44%	0.85%	3/7	2k
#23	Responsible Conservative Fund	Mercer	2.35%	0.49%	3/7	21k
#24	Conservative Fund	ASB	2.33%	0.40%	3/7	130k
#25	Conservative Fund	Mercer	2.28%	0.67%	3/7	1k
#26	Capital Guaranteed Fund	Booster	2.23%	1.03%	2/7	8k
#27	Summer Conservative	Summer	2.17%	0.75%	N/A	0k
#28	BNZ Kiwisaver Conservative Fund	BNZ	2.09%	0.45%	3/7	33k
#29	Conservative Fund	ANZ	2.01%	0.60%	3/7	14k
#30	Conservative Fund	ANZ	2.01%	0.60%	3/7	41k
#31	Global Select Conservative Fund	AMP	1.91%	1.08%	3/7	1k
#32	Conservative Fund	Simplicity	1.80%	0.25%	1/7	3k
#33	Stepping Stones 65-75	Generate	0.00%	1.22%	3/7	0k
#34	Glidepath Age 65	Fisher	0.00%	0.92%	4/7	0k
#35	Conservative Fund	Smartshares	0.00%	1.22%	3/7	0k
#36	Investnow Fisher Funds Conservative Fund	Fundrock	0.00%	0.93%	3/7	0k
#37	Stepping Stones Growth 76+	Generate	0.00%	1.21%	3/7	0k
#38	Conservative Strategy	Koura	0.00%	0.73%	3/7	N/A
#39	Sharesies Smartshares Conservative Fund	Sharesies	0.00%	0.47%	3/7	1k
#40	Investnow Mint Diversified Income Fund	Fundrock	0.00%	0.98%	4/7	1k
#41	Goalsgetter Milford Conservative Fund	Nikko	0.00%	1.17%	3/7	0k
#42	Investnow Milford Conservative Fund	Fundrock	0.00%	0.87%	3/7	0k
#43	Milford Conservative Fund	AMP	0.00%	1.33%	3/7	0k
#44	Glidepath Age 75	Fisher	0.00%	0.84%	3/7	0k
#45	Stepping Stones 76+	Generate	0.00%	1.21%	3/7	0k
#46	Conservative Fund	Generate	0.00%	1.21%	3/7	4k

Conservative KiwiSaver Funds Comparison

What are Conservative KiwiSaver Funds?

✅ Suited to:

⚠️ Consider Instead If:

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All Conservative Funds Ranked by Performance

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