KiwiSaver fees are paid silently — deducted from your returns before you ever see them. Most members have no idea what they’re paying. That’s a problem, because on a $100,000 balance, the difference between a 0.31% and a 1.20% annual fee is over $890 per year — and that gap compounds into tens of thousands of dollars over a career.
This article is the complete fee reference for the NZ KiwiSaver market. Every major provider, every fund type, in one table.
How KiwiSaver Fees Work
KiwiSaver fees come in two main forms:
1. Management fee (annual percentage)
The most significant fee, expressed as a percentage of your balance charged per year. A 0.75% fee on a $50,000 balance costs $375/year. As your balance grows, so does the dollar amount — even if the percentage stays the same.
2. Administration (member) fee
A flat annual dollar amount charged regardless of balance size. Typically $18–$36/year. At small balances, this has an outsized proportional impact.
Other fees (less common)
- Performance fees: Some active managers charge an additional fee when returns exceed a benchmark (e.g., Milford). These are disclosed in the Product Disclosure Statement (PDS) but can materially increase the total cost in strong performance years.
- Transaction costs: Spread between buy/sell prices on underlying assets. Often not disclosed separately but embedded in unit prices.
- Switching fees: KiwiSaver providers are legally prohibited from charging a fee to switch providers or funds.
Total Annual Fee Comparison: Growth Funds
Growth funds are the most commonly held fund type for working-age members. The table below shows the full annual fee (management + administration) for the Growth fund at each major provider.
| Provider | Annual management fee | Admin fee | Effective fee on $20k | Effective fee on $50k | Effective fee on $100k |
|---|---|---|---|---|---|
| Simplicity | 0.31% | $0 | $62 | $155 | $310 |
| BNZ | ~0.35% | $18 | $88 | $193 | $368 |
| Summer (ex-Kiwibank) | ~0.49% | $30 | $128 | $275 | $520 |
| SuperLife | ~0.55% | $0 | $110 | $275 | $550 |
| Booster | ~0.75% | $30 | $180 | $405 | $780 |
| ASB | ~0.85% | $0 | $170 | $425 | $850 |
| Milford | ~0.85%–1.05% | $36 | $206 | $461 | $886 |
| ANZ | ~0.95% | $0 | $190 | $475 | $950 |
| Westpac | ~0.95% | $0 | $190 | $475 | $950 |
| Fisher Funds | ~1.05%–1.45% | $36 | $246 | $561 | $1,086 |
| Generate | ~0.97% | $36 | $230 | $521 | $1,006 |
Fees are indicative as at April 2026. Always verify current fees in each provider’s Product Disclosure Statement (PDS) before switching. Fees are reviewed and changed periodically.
Fee Comparison: Conservative Funds
| Provider | Annual management fee | Admin fee |
|---|---|---|
| Simplicity | 0.31% | $0 |
| BNZ | ~0.30% | $18 |
| Summer | ~0.34% | $30 |
| SuperLife | ~0.40% | $0 |
| Booster | ~0.49% | $30 |
| ASB | ~0.40% | $0 |
| ANZ | ~0.55% | $0 |
| Westpac | ~0.40% | $0 |
| Milford | ~0.85% | $36 |
| Fisher Funds | ~0.85% | $36 |
Fee Comparison: Balanced Funds
| Provider | Annual management fee | Admin fee |
|---|---|---|
| Simplicity | 0.31% | $0 |
| BNZ | ~0.30%–0.35% | $18 |
| Summer | ~0.41% | $30 |
| SuperLife | ~0.50% | $0 |
| Booster | ~0.65% | $30 |
| ASB | ~0.65% | $0 |
| ANZ | ~0.75% | $0 |
| Westpac | ~0.70% | $0 |
| Milford | ~0.85% | $36 |
| Fisher Funds | ~1.05% | $36 |
Fee Comparison: Ethical / Socially Responsible Funds
Members choosing ethical funds typically pay a premium over the equivalent conventional fund:
| Provider | Fund name | Annual fee |
|---|---|---|
| Simplicity | Growth (ESG integrated) | 0.31% |
| Booster | Socially Responsible Growth | ~0.99% |
| Booster | Socially Responsible Balanced | ~0.89% |
| Pathfinder | Growth | ~0.79%–0.99% |
| SuperLife | Ethica | ~0.58% |
| Generate | Focused Growth | ~0.97% |
| Westpac | Ethical KiwiSaver | ~1.00% |
For a full comparison of ethical KiwiSaver options, see our ethical KiwiSaver providers comparison.
The Real Cost of Fees: Compounding Over Time
Fees sound small in percentage terms. The impact over a working life is not.
Scenario: $50,000 current balance, 7% gross return, 25 years to retirement
| Fee rate | Projected balance | Fees paid over 25 years |
|---|---|---|
| 0.31% (Simplicity) | ~$252,000 | ~$26,000 |
| 0.55% (SuperLife) | ~$237,000 | ~$41,000 |
| 0.85% (ASB/Milford) | ~$220,000 | ~$58,000 |
| 1.20% (Fisher Funds higher) | ~$202,000 | ~$76,000 |
The difference between the cheapest and most expensive option on this scenario: ~$50,000 in final balance — purely from fee drag.
This is not an argument to always choose the cheapest provider. An active manager who consistently outperforms by 1%+ per year more than justifies higher fees. The question is whether the manager’s after-fee returns actually deliver that — which requires looking at long-term performance data, not just fees in isolation.
For performance data, see our KiwiSaver fund performance comparison.
What Is a “Reasonable” KiwiSaver Fee?
The FMA and Sorted have both published guidance on what constitutes value for money in KiwiSaver. General market consensus in 2026:
| Fee level | Assessment |
|---|---|
| Below 0.40% | Excellent value — typically passive/index funds |
| 0.40%–0.70% | Competitive — reasonable for active management |
| 0.70%–1.00% | Acceptable if performance justifies it |
| Above 1.00% | High — requires demonstrably superior after-fee performance to justify |
The FMA’s annual KiwiSaver report regularly highlights providers where fees are disproportionate to returns delivered. You can find this data at fma.govt.nz.
How to Find Your Current KiwiSaver Fee
Three ways to check what you’re paying:
1. Your provider’s Product Disclosure Statement (PDS)
Every KiwiSaver provider is legally required to publish a PDS on their website. The PDS must disclose all fees clearly, including the annual management fee, administration fee, and any performance fees.
2. Your annual KiwiSaver statement
Each year, your provider sends (or makes available online) an annual statement showing your opening balance, contributions, returns, and total fees charged in dollar terms for the year. This is the most direct way to see exactly what you paid.
3. Sorted’s KiwiSaver fee calculator
Sorted.org.nz provides a fee comparison tool that allows you to compare the long-term fee impact of moving to a different provider. It’s a useful starting point before switching.
Do Higher Fees Mean Better Performance?
In NZ KiwiSaver, the relationship between fees and performance is weak. Academic and FMA data consistently show that:
- Higher fees don’t reliably predict higher gross returns — active managers charge more but don’t consistently outperform passive benchmarks by the margin required to cover fees
- After-fee returns matter — a 1.20% fee provider needs to deliver 0.89% more in gross returns than a 0.31% provider just to match on after-fee terms
- Over long periods, fee drag compounds significantly — even a 0.5% difference becomes material over 20–30 years
This doesn’t mean passive is always better. Some active managers (Milford, Generate) have delivered strong after-fee returns in specific periods. The issue is consistency — past outperformance doesn’t reliably persist.
The most defensible approach for most members: start with the lowest credible fee provider (Simplicity, BNZ) and consider paying more only for providers with demonstrably strong long-run after-fee performance relative to their category benchmark.
For a verdict on the single cheapest option, see our cheapest KiwiSaver fund guide.
Should I Switch for Lower Fees?
Switching KiwiSaver providers is free and takes approximately 10–35 business days. You do not lose your membership history, your eligibility clock, or your KiwiSaver entitlements.
When switching for fees makes sense:
- You’ve been in a high-fee fund (1.0%+) for years and never actively chose it
- Your balance has grown large enough that the fee gap matters in dollar terms (generally $30,000+)
- The cheaper provider offers a comparable fund type and you have no compelling performance argument for staying
When it may not be worth switching:
- You’re very close to 65 or a first home withdrawal — disrupting your fund in the weeks around a withdrawal event is not ideal
- You’re switching for short-term performance reasons (chasing last year’s winner)
- You have a specific feature at your current provider you’d lose (e.g., a particular ethical screen)
For the full switching process, see our switching KiwiSaver providers guide.
Frequently Asked Questions
What is the average KiwiSaver fee in NZ? Based on FMA data, the average annual management fee across all KiwiSaver funds is approximately 0.70%–0.90%. Many members are in higher-fee bank provider funds they inherited through default enrolment and have never actively reviewed.
Are KiwiSaver fees tax deductible? No. KiwiSaver fees are deducted from your fund’s gross return before PIE tax is calculated — but they are not separately deductible on your personal tax return.
What is a performance fee? Some active managers (including Milford) charge a performance fee when their fund exceeds a benchmark return. For example, 10% of returns above the benchmark. Performance fees can add 0.10%–0.30% to the effective annual fee in strong performance years. They are disclosed in the PDS and annual fund updates.
Is the administration fee charged on top of the management fee? Yes. If a provider charges 0.75% management fee and a $30 annual administration fee, you pay both. On a $20,000 balance, the effective total cost is $150 + $30 = $180/year, or an effective rate of 0.90%.
Do all providers charge an administration fee? No. Simplicity, ASB, ANZ, Westpac, and SuperLife (among others) charge no flat administration fee. BNZ charges $18/year; Milford, Fisher Funds, and Generate charge ~$36/year; Booster and Summer charge ~$30/year.
How do I know if I’m overpaying? Check your annual statement’s fee disclosure in dollar terms. If you have a $60,000 balance and are paying $600–$900/year in fees, you’re above the market average. Compare against the table above and consider whether the performance justifies the cost.
What to Read Next
- Cheapest KiwiSaver Fund NZ — the verdict on the lowest-cost option
- Best KiwiSaver Providers NZ — full provider comparison hub
- KiwiSaver Fund Performance Comparison — after-fee returns by provider
- Switching KiwiSaver Providers — how to move to a lower-fee option
- Simplicity KiwiSaver Review — the market’s lowest-fee provider
- BNZ KiwiSaver Review — the most competitive bank provider
- Booster KiwiSaver Review — mid-market with ethical fund option
- KiwiSaver Fund Types Explained — growth vs balanced vs conservative