Defensive KiwiSaver scheme funds by provider
Every Defensive fund option across every NZ KiwiSaver scheme. Grouped by provider so you can compare Defensive fund variants within and across schemes.
General Information Only: This page provides factual data for comparison purposes and does not constitute financial advice. Individual circumstances vary.Read our disclosure
Defensive funds hold 90%+ in cash and bonds with minimal growth-asset exposure. The standard FMA risk indicator is 1–2. Used as a temporary holding before a first-home withdrawal or close to retirement.
Defensive fund options grouped by scheme
- AMP Cash Fund2.3% 5-yr0.65% fee2/7 risk
- AMP Global Fixed Interest Fund-0.8% 5-yr0.84% fee3/7 risk
- AMP NZ Fixed Interest Fund-0.9% 5-yr0.86% fee3/7 risk
- Income Fund1.5% 5-yr0.80% fee3/7 risk
- Cash Fund2.3% 5-yr0.22% fee2/7 risk
- New Zealand Fixed Interest Fund0.1% 5-yr0.34% fee3/7 risk
- International Fixed Interest Fund-0.9% 5-yr0.49% fee4/7 risk
- BCF KiwiSaver Scheme2.2% 5-yr0.76% fee3/7 risk
- NZ Cash Fund2.2% 5-yr0.35% fee2/7 risk
- BNZ KiwiSaver Cash Fund2.6% 5-yr0.30% fee2/7 risk
- Enhanced Cash Fund2.1% 5-yr0.75% fee2/7 risk
- Aurora Liquidity Fund0.50% fee2/7 risk
- InvestNow Macquarie NZ Cash Fund2.6% 5-yr0.34% fee2/7 risk
- InvestNow Mercer Ethical Leaders Hedged Global Fixed Interest Index Fund0.44% fee4/7 risk
- InvestNow Harbour NZ Core Fixed Interest Fund0.65% fee3/7 risk
- InvestNow Hunter Global Fixed Interest Fund0.53% fee4/7 risk
- InvestNow Macquarie NZ Fixed Interest Fund0.61% fee3/7 risk
- InvestNow Russell Investments NZ Fixed Interest Fund0.49% fee3/7 risk
- Cashplus Fund0.91% fee1/7 risk
- Kernel US Bond Fund0.30% fee4/7 risk
- Kernel NZ Bond Fund0.40% fee3/7 risk
- Kernel Cash Plus Fund0.25% fee1/7 risk
- New Zealand Cash Fund2.3% 5-yr0.73% fee1/7 risk
- New Zealand Fixed Interest Fund0.7% 5-yr0.73% fee3/7 risk
- Milford KiwiSaver Cash Fund2.6% 5-yr0.20% fee1/7 risk
- GoalsGetter Amova NZ Cash Fund2.7% 5-yr0.40% fee2/7 risk
- GoalsGetter Amova NZ Corporate Bond Fund1.2% 5-yr0.80% fee3/7 risk
- Income Strategy1.9% 5-yr1.12% fee4/7 risk
- SBS Wealth Income Fund-0.0% 5-yr0.87% fee3/7 risk
- Defensive Fund0.24% fee3/7 risk
- QuayStreet Fixed Interest Fund1.7% 5-yr0.86% fee3/7 risk
- QuayStreet Income Fund0.5% 5-yr0.56% fee3/7 risk
- UK Cash Fund2.5% 5-yr0.52% fee4/7 risk
- NZ Cash Fund2.4% 5-yr0.62% fee2/7 risk
- NZ Bonds Fund1.8% 5-yr0.54% fee3/7 risk
- SuperLife Age Steps - Age 801.3% 5-yr0.56% fee3/7 risk
- SuperLife Income Fund0.3% 5-yr0.66% fee3/7 risk
- Overseas Bonds Fund0.3% 5-yr0.59% fee3/7 risk
- S&P/NZX NZ Government Bond Fund-0.1% 5-yr0.64% fee3/7 risk
- Overseas Non-Government Bonds Fund-0.1% 5-yr0.54% fee4/7 risk
- Global Aggregate Bond Fund-1.5% 5-yr0.59% fee3/7 risk
- Summer New Zealand Cash2.5% 5-yr0.50% fee1/7 risk
- Summer New Zealand Fixed Interest1.6% 5-yr0.75% fee3/7 risk
- Summer Global Fixed Interest0.4% 5-yr0.75% fee3/7 risk
Frequently asked questions
Which KiwiSaver schemes offer a Defensive fund?
In our FMA-Disclose-sourced dataset, 26 KiwiSaver schemes offer at least one Defensive fund — totalling 50 Defensive fund options across all providers. Some larger schemes (Booster, SuperLife, Fisher Funds) offer multiple Defensive fund variants.
What is a Defensive KiwiSaver scheme fund?
Defensive funds hold 90%+ in cash and bonds with minimal growth-asset exposure. The standard FMA risk indicator is 1–2. Used as a temporary holding before a first-home withdrawal or close to retirement. The standard FMA risk indicator is 1–2/7. Typically considered by investors with a 0–3 years time horizon.
What's the average return on Defensive KiwiSaver scheme funds?
Across the Defensive funds in our snapshot the average 5-year annualised return is around 1.4%, with an average annual fund charge of 0.55%. Past performance is not a reliable indicator of future returns. Each provider's exact figures sit in the table above.
What do investors typically consider when looking at a Defensive fund?
Some investors consider time horizon, tolerance for short-term falls in value, contribution pattern, and whether a first-home withdrawal may be needed within the next 3–5 years. The standard FMA risk indicator for Defensive funds is 1–2/7. FundCompare does not make personal recommendations — a licensed financial adviser can give advice specific to an individual's situation.
How do I switch into or out of a Defensive fund?
If you want to switch funds within your current KiwiSaver scheme, log into your provider's portal — within-provider switches are usually instant and free. If you want to transfer to a different provider, complete a transfer form with the new provider — transfers between schemes take 10–15 business days. There's no penalty or tax consequence for either.
Want personalised KiwiSaver guidance?
Use our 60-second quiz to share your situation — we'll connect you with a licensed Financial Advice Provider from our partner network. Free, no obligation.
Prefer to browse yourself? Find a licensed financial adviser in the FinanceAdvisers.co.nz directory, or check the full register at fma.govt.nz.
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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The information provided on this website is not a recommendation to buy, sell, or hold any financial products. Nothing on this website constitutes financial advice for the purposes of the Financial Markets Conduct Act 2013. FundCompare.co.nz is not a licensed Financial Advice Provider.
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.
Before making any investment decision, you should read the Product Disclosure Statement (PDS) for the fund carefully. If you have questions or are unclear about the implications of your investment decision, you should seek advice from a licensed Financial Advice Provider.
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