Moderate KiwiSaver scheme funds
"Moderate" is an unofficial KiwiSaver category — most providers offer either Conservative or Balanced, but a handful use Moderate to label a fund that sits between the two. Here's what it means, how it compares, and which provider funds carry the label.
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
The short answer
Moderate is not one of the five standard KiwiSaver categories. The official categories (per FMA convention) are Defensive, Conservative, Balanced, Growth, and Aggressive — defined by their share of growth assets.
Where a provider does offer a "Moderate" fund, it typically holds 30–45% in growth assets, sitting at the boundary between Conservative and Balanced.
How Moderate compares to neighbouring categories
| Category | Growth assets | Typical risk indicator | Typical 5Y return range | Suited to |
|---|---|---|---|---|
| Conservative | 10–35% | 2–3 | 3–5% | 1–5 year horizon |
| Moderate | 30–45% | 3 | 4–6% | 5–10 year horizon |
| Balanced | 35–62% | 3–4 | 5–8% | 7–15 year horizon |
