Question 1

How many KiwiSaver scheme funds are there?

Accepted Answer

There are currently 470+ KiwiSaver scheme funds available in New Zealand across 30+ providers. These include defensive, conservative, balanced, growth, and aggressive funds, as well as specialized options like ethical funds, passive index funds, and lifecycle funds. Each fund has different investment strategies, fees, and risk profiles to suit different investor needs.

Question 2

What are the different types of KiwiSaver scheme funds?

Accepted Answer

KiwiSaver scheme funds are categorized by risk level: Defensive (lowest risk, 0-10% growth assets), Conservative (10-30% growth assets), Balanced (40-60% growth assets), Growth (60-90% growth assets), and Aggressive (90-100% growth assets). There are also specialized funds like ethical/responsible investment funds, passive index funds, and target date/lifecycle funds that automatically adjust risk as you age.

Question 3

Which KiwiSaver scheme fund has the best returns?

Accepted Answer

Compare 5-year net-fee returns across funds within KiwiSaver schemes on FundCompare's category pages — growth, balanced, conservative — sourced from FMA Disclose. Past performance is not a guarantee of future returns. The fund category that fits depends on risk tolerance, time horizon, and goals (first-home withdrawal vs retirement).

Question 4

What KiwiSaver scheme fund should I choose?

Accepted Answer

Choose a fund based on: 1) Time until retirement (longer = can take more risk with growth/aggressive funds), 2) Risk tolerance (comfortable with ups and downs = growth funds, prefer stability = conservative funds), 3) Purpose (first home in 3-5 years = conservative, retirement in 30+ years = aggressive), and 4) Fees (lower fees mean more money for you long-term). Use our comparison tool to find funds matching your profile.

Question 5

Can I switch between KiwiSaver scheme funds?

Accepted Answer

Yes, you can switch KiwiSaver scheme funds at any time for free. If switching within the same provider (e.g., from conservative to growth fund), it typically takes 1-2 weeks. If switching to a different provider entirely, the process takes 2-3 weeks and your new provider handles everything. You can switch as often as you like, but frequent switching may not be optimal due to market timing risks.

Question 6

What are KiwiSaver scheme fund fees?

Accepted Answer

KiwiSaver scheme fund fees range from 0.27% (low-cost index funds like Kernel) to 1.5%+ annually (actively managed funds). Fees include management fees (covering investment management and administration) and sometimes performance fees. A 1% difference in fees can cost you over $100,000 in lost retirement savings over 40 years. Always compare total fees (including PIR tax) when choosing a fund.

PROVIDER	FUND NAME	RISK LEVEL	1Y RETURN💸	5Y RETURN	FEE💰	Value	Start Date
Fundrock	Investnow Foundation Series Total World Fund	Aggressive	undefined%	N/A	0.07%	$164M	17-02-2023
Smartshares	Asia Pacific Fund	Aggressive	undefined%	7.41%	0.69%	$12M	21-09-2015
Milford	Milford Kiwisaver Moderate Fund	Conservative	undefined%	3.63%	0.95%	$308M	27-03-2020
Generate	Conservative Fund	Conservative	undefined%	N/A	1.21%	$162M	16-05-2022
AMP	AMP Moderate Balanced Fund (Lifesteps)	Balanced	undefined%	4.48%	0.84%	$583M	01-10-2007
Smartshares	Quaystreet High Growth Fund	Growth	undefined%	N/A	1.43%	$14M	19-04-2024
AMP	AMP Moderate Balanced Fund	Balanced	undefined%	4.48%	0.84%	$987M	01-10-2007
ANZ	Cash Fund	Defensive	undefined%	2.32%	0.22%	$1B	12-08-2008
AMP	Milford Conservative Fund	Conservative	undefined%	N/A	1.33%	$19M	23-02-2022
Milford	Milford Kiwisaver Cash Fund	Defensive	undefined%	2.55%	0.2%	$210M	27-03-2020

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