Defensive Income-Focused KiwiSaver Scheme Funds
46 ultra-conservative KiwiSaver scheme funds with 80%+ income assets. Lowest risk option for imminent withdrawals - first home buyers purchasing within 12 months or retirees within 1 year.
⏰Timing is Critical
Defensive funds are ONLY for money needed in 6-12 months
- • Too early? If you need money in 2+ years, use Conservative funds for better returns
- • First home: Switch when actively house hunting or have conditional offer
- • Retirement: Switch 6-12 months before your planned date
- • Trade-off: Extreme stability = lowest returns (1-4% vs 5-8% for Balanced)
When to Use Defensive Income Funds
✓ Perfect For:
- • First home purchase in next 6-12 months
- • Retiring within 1 year (age 64-65)
- • Moving overseas soon (permanent emigration)
- • Extreme risk aversion (can't handle any volatility)
- • Need absolute certainty for imminent withdrawal
✗ DON'T Use If:
- • You need money in 2+ years (use Conservative instead)
- • You're under 60 with years to retirement
- • You want growth (returns are 1-4%, very low)
- • You have 5+ years until retirement
- • You're building long-term wealth
Return Trade-offs Over Time
While defensive funds protect your capital short-term, they sacrifice significant returns long-term:
Illustrative — defensive funds typically match short-horizon withdrawal needs (e.g. within 12 months). For longer horizons, the foregone compounding vs growth-oriented funds is material. Match fund category to time horizon and consult a licensed financial adviser if unsure.
All Defensive Income Funds Ranked
| Rank | Fund Name | Provider | Income Assets | 5-Year Return | Fees | Risk |
|---|---|---|---|---|---|---|
| #1 | Quaystreet Conservative Fund | Smartshares | 80.0% | 3.53% | 0.86% | 3/7 |
| #2 | Conservative Portfolio | Maritime | 81.7% | 3.53% | 0.61% | 4/7 |
| #3 | Conservative Fund | SuperEasy | 80.7% | 2.74% | 0.51% | 3/7 |
| #4 | Pathfinder Kiwisaver Conservative Fund | Pathfinder | 87.2% | 2.71% | 1.01% | 3/7 |
| #5 | Cash Fund | Fisher | 100.0% | 2.68% | 0.45% | 1/7 |
| #6 | Capital Guaranteed Fund | Booster | 88.7% | 2.63% | 1.03% | 2/7 |
| #7 | BNZ Kiwisaver First Home Buyer Fund | BNZ | 85.7% | 2.62% | 0.45% | 3/7 |
| #8 | Milford Kiwisaver Conservative Fund | Milford | 81.7% | 2.57% | 0.85% | 3/7 |
| #9 | Milford Kiwisaver Cash Fund | Milford | 100.0% | 2.55% | 0.20% | 1/7 |
| #10 | BNZ Kiwisaver Cash Fund | BNZ | 100.0% | 2.53% | 0.30% | 2/7 |
| #11 | Investnow Macquarie Nz Cash Fund | Fundrock | 100.0% | 2.50% | 0.30% | 2/7 |
| #12 | UK Cash Fund | Smartshares | 100.0% | 2.41% | 0.59% | 4/7 |
| #13 | Nz Cash Fund | Smartshares | 100.0% | 2.41% | 0.62% | 2/7 |
| #14 | Cash Fund | Westpac | 100.0% | 2.38% | 0.25% | 2/7 |
| #15 | Responsible Conservative Fund | Mercer | 80.5% | 2.35% | 0.49% | 3/7 |
| #16 | Cash Fund | MAS | 100.0% | 2.33% | 0.25% | 1/7 |
| #17 | Cash Fund | ANZ | 100.0% | 2.32% | 0.22% | 2/7 |
| #18 | Cash Fund | ANZ | 100.0% | 2.32% | 0.22% | 2/7 |
| #19 | New Zealand Cash Fund | Koura | 100.0% | 2.20% | 0.73% | 1/7 |
| #20 | Nz Cash Fund | ASB | 100.0% | 2.18% | 0.35% | 2/7 |
| #21 | AMP Cash Fund | AMP | 100.0% | 2.17% | 0.65% | 2/7 |
| #22 | Cash Fund | Mercer | 100.0% | 2.16% | 0.32% | 2/7 |
| #23 | Bcf Kiwisaver Scheme | Arotahi | 100.0% | 2.16% | 0.76% | 3/7 |
| #24 | Enhanced Cash Fund | Booster | 100.0% | 2.09% | 0.75% | 2/7 |
| #25 | BNZ Kiwisaver Conservative Fund | BNZ | 80.9% | 2.09% | 0.45% | 3/7 |
| #26 | Cash Fund | Mercer | 100.0% | 2.05% | 0.43% | 2/7 |
| #27 | Conservative Fund | Mercer | 81.5% | 2.03% | 0.67% | 3/7 |
| #28 | Conservative Fund | Simplicity | 80.2% | 1.80% | 0.25% | 1/7 |
| #29 | Quaystreet Income Fund | Smartshares | 92.7% | 1.78% | 0.87% | 3/7 |
| #30 | Quaystreet Fixed Interest Fund | Smartshares | 100.0% | 1.73% | 0.86% | 3/7 |
| #31 | Income Fund | Anglican | 100.0% | 1.46% | 0.80% | 3/7 |
| #32 | Nz Bonds Fund | Smartshares | 100.0% | 1.45% | 0.64% | 3/7 |
| #33 | Goalsgetter Amova Nz Corporate Bond Fund | Nikko | 100.0% | 1.16% | 0.80% | 3/7 |
| #34 | Superlife Age Steps - Age 80 | Smartshares | 90.1% | 0.95% | 0.66% | 3/7 |
| #35 | Income Strategy | NZ Funds | 100.0% | 0.94% | 1.22% | 4/7 |
| #36 | New Zealand Fixed Interest Fund | Koura | 100.0% | 0.68% | 0.73% | 3/7 |
| #37 | Superlife Income Fund | Smartshares | 100.0% | 0.34% | 0.66% | 3/7 |
| #38 | New Zealand Fixed Interest Fund | ANZ | 100.0% | 0.15% | 0.34% | 3/7 |
| #39 | SBS Wealth Income Fund | SBS | 100.0% | -0.04% | 0.87% | 3/7 |
| #40 | Overseas Bonds Fund | Smartshares | 100.0% | -0.05% | 0.69% | 3/7 |
| #41 | Overseas Non-Government Bonds Fund | Smartshares | 100.0% | -0.12% | 0.64% | 4/7 |
| #42 | S&P/Nzx Nz Government Bond Fund | Smartshares | 100.0% | -0.14% | 0.64% | 3/7 |
| #43 | AMP Global Fixed Interest Fund | AMP | 100.0% | -0.81% | 0.84% | 3/7 |
| #44 | International Fixed Interest Fund | ANZ | 100.0% | -0.87% | 0.49% | 4/7 |
| #45 | AMP Nz Fixed Interest Fund | AMP | 100.0% | -0.90% | 0.86% | 3/7 |
| #46 | Global Aggregate Bond Fund | Smartshares | 100.0% | -1.53% | 0.69% | 3/7 |
Other Low-Risk Options
Compare All Conservative Funds
Find the right balance of safety and returns for your timeline
Compare All FundsData source: FMA KiwiSaver Quarterly Reports. Last updated: May 2026.
Disclaimer: Defensive funds are lowest risk but not risk-free. Past performance does not guarantee future results. This is not financial advice. Consult a licensed financial adviser.
