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What is Total Expense Ratio (TER)?

The Total Expense Ratio is the all-in annual cost of owning a KiwiSaver scheme fund, expressed as a percentage of the fund's net asset value.

Detailed Explanation

TER includes the management fee, administration fee, supervisor and trustee fees, and any other recurring fund-level costs. It typically excludes performance fees and member-level dollar fees (e.g. NZ$30/year admin charge). The Quarterly Fund Update discloses the TER alongside fees in dollars.

Example

A balanced fund with a 0.80% management fee, 0.05% supervisor fee, and 0.05% other costs has a TER of 0.90%.

Frequently Asked Questions

Where do I find the TER?

In the Quarterly Fund Update for each fund and in the FMA Disclose register.

Related Terms

Management FeePerformance FeeQuarterly Fund Update (QFU)
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