Generate KiwiSaver Scheme Review
Independent analysis of Generate Investment Management Limited's KiwiSaver scheme based on FMA data, performance metrics, and fee structures. Last updated: May 2026.
Quick Summary
✅ Key Highlights
- • Established provider: $10.2B in total assets
- • Good choice: 21 fund options available
- • Highest 5-yr return: Stepping Stones Growth 0-50 (9.81% over 5 years)
- • Strong fund performance track record
- • Transparent reporting for investors
📊 At a Glance
- • Average fees: 1.32% per year
- • 5-year returns: 7.03%
- • Fund options: 21 funds
- • Total members: 235k+
- • Assets under management: $10.2B
Generate provides KiwiSaver and investment funds with strong performance, transparency, and clarity.
Performance Analysis
All Generate KiwiSaver Scheme Funds
| Fund Name | Type | 5-Year Return | Fees | Risk | Members |
|---|---|---|---|---|---|
| Stepping Stones Growth 0-50 | Aggressive | 9.81% | 1.41% | 5/7 | 3,377 |
| Stepping Stones 0-35 | Aggressive | 9.65% | 1.41% | 5/7 | 3,844 |
| Focused Growth Fund | Aggressive | 8.03% | 1.27% | 5/7 | 119,233 |
| Stepping Stones Growth 51-55 | Growth | 7.96% | 1.39% | 4/7 | 589 |
| Stepping Stones 36-45 | Growth | 7.96% | 1.39% | 4/7 | 1,947 |
| Growth Fund | Growth | 6.74% | 1.25% | 4/7 | 52,978 |
| Stepping Stones 46-55 | Balanced | 6.15% | 1.36% | 4/7 | 1,510 |
| Stepping Stones Growth 56-60 | Balanced | 6.15% | 1.36% | 4/7 | 490 |
| Stepping Stones 56-60 | Balanced | 5.49% | 1.30% | 4/7 | 703 |
| Stepping Stones 61-64 | Balanced | 4.88% | 1.26% | 3/7 | 486 |
| Moderate Fund | Balanced | 4.50% | 1.14% | 3/7 | 23,430 |
| Cashplus Fund | Defensive | N/A | 0.91% | 1/7 | 3,449 |
| Stepping Stones Growth 76+ | Conservative | N/A | 1.21% | 3/7 | 3 |
| Stepping Stones Growth 61-75 | Balanced | N/A | 1.26% | 3/7 | 435 |
| Thematic Fund | Aggressive | N/A | 1.18% | 5/7 | 4,066 |
| Stepping Stones 76+ | Conservative | N/A | 1.21% | 3/7 | 14 |
| Conservative Fund | Conservative | N/A | 1.08% | 3/7 | 4,447 |
| Balanced Fund | Balanced | N/A | 1.24% | 4/7 | 11,097 |
| Global Fund | Aggressive | N/A | 1.18% | 5/7 | 2,371 |
| Stepping Stones 65-75 | Conservative | N/A | 1.22% | 3/7 | 357 |
| Australasian Fund | Aggressive | N/A | 1.19% | 5/7 | 379 |
Considerations for Generate
What the data shows
- •Average fees at or above the market average
- •A choice between multiple fund types
- •One of the larger providers by fund count
Points some investors compare
- •Fees at lower-fee providers (for example Simplicity, Kernel)
- •Historical returns at other providers (for example Milford, Fisher Funds)
- •Ethical and responsible-investment options
- •Fund risk levels for a planned first-home withdrawal
A licensed financial adviser can help with a personal assessment.
Compare Alternatives
Other providers with comparable data:
AE KiwiSaver Limited
Always Ethical provides ethical KiwiSaver and investment funds that focus on responsible investing.
AMP Wealth Management New Zealand Limited
AMP offers KiwiSaver and investment solutions with a strong track record and flexible options.
ANZ New Zealand Investments Limited
ANZ provides a wide range of KiwiSaver and investment funds tailored for diverse financial goals.
Arotahi Trust Limited
Arotahi delivers KiwiSaver and investment solutions with a focus on secure and sustainable growth.
Ready to Compare All Providers?
See how Generate stacks up against all 30+ KiwiSaver providers side-by-side.
Disclaimer: This analysis is based on publicly available data from the FMA and provider disclosures as of October 2025. Past performance does not guarantee future results. This is not financial advice. Please consult a licensed financial adviser before making investment decisions.
Data sources: FMA KiwiSaver Quarterly Reports, Generate Investment Management Limited Product Disclosure Statements, provider websites.
