Lowest-fee Moderate KiwiSaver scheme funds
15 Moderate KiwiSaver scheme funds in our coverage, with annual fees ranging from 0.40% to 1.21% (median 0.84%).
Funds within KiwiSaver schemes named "Moderate". Each provider sets its own moderate allocation (typically 35-55% growth assets), so check the growth-asset split.
General Information Only: This page provides factual data for comparison purposes and does not constitute financial advice. Individual circumstances vary.Read our disclosure
Ranked by annual fee (lowest first)
| # | Fund | Scheme | Annual fee | 1y return | 5y avg | Fund size |
|---|---|---|---|---|---|---|
| 1 | Moderate Fund | Westpac | 0.40% | No 1-year return figure held for this fund. | 3.80% | $937M |
| 2 | BNZ Kiwisaver Moderate Fund | BNZ | 0.45% | 8.76% | 3.97% | $877M |
| 3 | Moderate Fund | ASB | 0.60% | No 1-year return figure held for this fund. | 3.67% | $3112M |
| 4 | Sustainable Moderate Fund | Mercer | 0.66% | No 1-year return figure held for this fund. | 3.76% | $235M |
| 5 | Moderate Fund | Mercer | 0.71% | 8.90% | 2.97% | $9M |
| 6 | AMP Moderate Fund (Lifesteps) | AMP | 0.84% | No 1-year return figure held for this fund. | 3.55% | $611M |
| 7 | AMP Moderate Fund | AMP | 0.84% | No 1-year return figure held for this fund. | 3.55% | $837M |
| 8 | AMP Moderate Balanced Fund | AMP | 0.84% | No 1-year return figure held for this fund. | 4.48% | $987M |
| 9 | AMP Moderate Balanced Fund (Lifesteps) | AMP | 0.84% | 7.87% | 3.78% | $583M |
| 10 | Milford Kiwisaver Moderate Fund | Milford | 0.95% | 3.82% | 3.80% | $337M |
| 11 | Moderate Fund | MAS | 0.95% | No 1-year return figure held for this fund. | 3.89% | $89M |
| 12 | Superlife Moderate Fund | AMP | 1.07% | No 1-year return figure held for this fund. | No 5-year average return figure held for this fund. | $32M |
| 13 | Moderate Fund | Booster | 1.08% | 4.10% | 2.23% | $262M |
| 14 | Moderate Fund | Generate | 1.14% | 8.24% | 4.50% | $838M |
| 15 | Socially Responsible Moderate Fund | Booster | 1.21% | No 1-year return figure held for this fund. | 2.81% | $81M |
About “—” in return figures: it means no figure is held, not a return of zero. Of the 15 funds listed, 6 have a 1-year return and 14 have a 5-year average return. Figures are drawn from fund disclosures on the FMA Disclose register, chiefly quarterly fund updates. Each fund shows the most recent figure held, with 1-year returns up to June 2026; the latest quarter broadly covered across all funds is March 2026. A fund too new to report a period has no figure for it; other gaps are figures not yet captured from the updates ingested so far.
Sourced from each scheme's most recent FMA-filed Quarterly Fund Update. Annual-fee ranking is mechanical — does not factor in returns, risk, manager skill, or asset-allocation differences. Past performance is not a reliable indicator of future returns.
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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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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.
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