KiwiSaver fees are one of the most controllable variables in your retirement savings. Small differences in fees compound dramatically over 30 years. Here’s a plain-English comparison.
Simplicity (0.10% + $30/year) is the cheapest passive KiwiSaver option. Superlife and some Smartshares funds are similarly low-cost. Bank-affiliated KiwiSaver funds (ANZ, ASB, BNZ, Westpac) typically charge 0.80–1.50% — 5–10× more than Simplicity. On a $100,000 balance, a 1% fee difference costs ~$1,000/year — and compounds to over $100,000 lost to fees over 30 years.
The Two Types of KiwiSaver Fees
Management fee (% p.a.): A percentage of your total balance deducted annually. This is the dominant fee — it compounds with your balance, so it hurts more as your balance grows.
Administration fee (flat $ p.a.): A fixed dollar amount charged per year, regardless of balance. More impactful for small balances; less impactful for large ones.
Some providers charge both. Some charge only one. Total cost = management fee % + (admin fee ÷ balance).
KiwiSaver Fee Comparison — Growth/Aggressive Funds (2026)
Comparing growth/aggressive fund options for long-term investors (30+ year horizon). Fees approximate — check PDS for exact current figures.
| Provider | Fund | Mgmt fee | Admin fee | Total on $50,000 |
|---|---|---|---|---|
| Simplicity | Growth | 0.10% | $30/yr | $80/yr |
| Superlife | Growth | 0.37% | $0 | $185/yr |
| Smartshares | Growth | ~0.40% | $0 | $200/yr |
| Milford | Active Growth | 0.85% | $0 | $425/yr |
| Generate | Focused Growth | 1.44% | $0 | $720/yr |
| Fisher Funds | Growth | 1.27% | $0 | $635/yr |
| Booster | Geared Growth | varies | varies | varies |
| ANZ KiwiSaver | Growth | 0.80–0.85% | $0 | $400–425/yr |
| ASB | Growth | 0.80% | $0 | $400/yr |
| BNZ | Growth | 0.75% | $0 | $375/yr |
| Westpac | Growth | 0.75% | $0 | $375/yr |
| Kiwibank | Growth | 0.65% | $0 | $325/yr |
| Koura | Growth | 0.63% | $0 | $315/yr |
| Kernel | High Growth | 0.25% | $60/yr | $185/yr |
| Pathfinder | Growth | 0.97% | $0 | $485/yr |
Fee Impact Over 30 Years
$50,000 balance today, contributing $400/month, 7% gross return before fees
| Annual fee | Balance after 30 years |
|---|---|
| 0.10% (Simplicity) | ~$895,000 |
| 0.40% (Superlife/Smartshares) | ~$840,000 |
| 0.80% (Bank funds) | ~$785,000 |
| 1.44% (Generate Focused Growth) | ~$700,000 |
The difference between Simplicity (0.10%) and Generate (1.44%): approximately $195,000 on this scenario. That’s the compounding cost of high fees over 30 years.
Active vs Passive KiwiSaver
High-fee providers like Generate, Milford, and Fisher Funds are actively managed — fund managers pick stocks and try to outperform the market. Low-fee providers like Simplicity and Superlife are index-based — tracking market indices cheaply.
The key question: Do active KiwiSaver funds outperform by enough to justify their higher fees?
The evidence from Morningstar and MBIE KiwiSaver annual reports consistently shows:
- Over any given 1–3 year period, some active funds outperform, some underperform
- Over 5–10 years, most active funds fail to consistently beat low-cost passive alternatives after fees
- Milford has had strong long-term performance — it’s the standout exception in NZ
- Past outperformance does not predict future outperformance
Conservative conclusion: For most investors who want certainty of competitive long-term outcomes: low-cost passive (Simplicity, Superlife, Kernel) is the evidence-based choice. If you’re willing to accept variability for a chance at outperformance: Milford has the best NZ track record among active managers.
Lowest-Fee KiwiSaver Providers in Detail
Simplicity (0.10% + $30/year)
- Cheapest KiwiSaver in NZ
- Passive (index-tracking) — no active stock picking
- Socially responsible exclusions (no tobacco, weapons, gambling, fossil fuel extraction)
- Funds: Conservative, Balanced, Growth
- Minimum: $1
Superlife (0.37% p.a.)
- Very low fee, no admin fee
- Wide fund selection including sector-specific options (NZ Shares, International Shares, US 500)
- Flexible — you can build a custom portfolio from multiple SuperLife funds within KiwiSaver
- Passive, index-tracking
Smartshares (through SuperLife or directly, ~0.40%)
- NZX’s KiwiSaver offering — index ETF-based
- Very low fee
- Limited fund options vs Superlife’s breadth
Kernel (0.25% + $60/year)
- Low-cost, excellent app
- Modern UX — best KiwiSaver app in NZ
- Growth, Balanced, Conservative options
- Good for younger investors who value the digital experience
When Higher Fees Might Be Justified
Milford Active Growth (~0.85%): Milford has delivered strong risk-adjusted returns over 5–10 years. If their outperformance continues, the extra fee could be worth it — but past outperformance is not guaranteed. For investors willing to actively monitor: Milford is the standout active NZ KiwiSaver fund.
Ethical/faith-based funds: Amanah KiwiSaver (Sharia-compliant), Pathfinder (ethical), Booster Tahi (NZ-focused ethical) charge higher fees for specific mandates that matter to some investors. If values alignment is important, the fee premium may be worth it.
How to Check Your Current KiwiSaver Fees
- Log in to your KiwiSaver provider’s website or app
- Find the Product Disclosure Statement (PDS) or Annual Member Statement
- Look for “Management fee,” “Administration fee,” and “Total annual fund charges”
- Compare against this table
Alternatively, check the Sorted KiwiSaver fund finder (sorted.org.nz) which aggregates all NZ KiwiSaver funds and fees.
How to Switch to a Lower-Fee Provider
Switching KiwiSaver is free and takes about 10 minutes online.
- Apply to your new provider (e.g., open a Simplicity account at simplicity.kiwi)
- Complete the application — they handle the transfer from your old provider
- Transfer typically takes 5–10 business days
- Your contributions from your employer automatically redirect to the new provider
You do not need to contact your old provider — the new provider handles the switch.
Frequently Asked Questions
Will switching providers affect my employer contributions? No — employer contributions follow you automatically. Notify your employer’s payroll of your new KiwiSaver provider details (provider name and your member number), and they’ll update the payment.
Do I lose any balance when switching? No. Your full balance transfers — principal, employer contributions, government credits, and investment returns. You may miss a few days of returns during the transfer period, but there’s no penalty for switching.
How often should I review my KiwiSaver fees? At least every 3 years, or whenever you see a significant change in your balance. As your balance grows, the % fee cost in dollar terms rises — a 1% fee on $500,000 is $5,000/year.