Summer is one of New Zealand’s newer KiwiSaver brand names — but the underlying scheme has been around for years under a different name. Formerly operating as Kiwibank KiwiSaver, the scheme rebranded to Summer in 2024 after being sold by Kiwibank to a consortium owned by Simplicity and Booster. The rebrand reflects a genuine change in ownership and direction, not just a cosmetic rename.
Disclosure: MoneyBalance may earn a referral fee from Summer. This does not influence our analysis or ratings.
Summer at a Glance
| Feature | Detail |
|---|---|
| Formerly | Kiwibank KiwiSaver |
| Owned by | Simplicity and Booster consortium |
| Default provider | No (Kiwibank was not a default provider) |
| Investment approach | Mix of passive and active, being reviewed post-rebrand |
| Growth fund fee | ~0.50%–0.75% (indicative; check current PDS) |
| Growth fund 5-yr return (indicative) | ~7.8%–8.3% p.a. |
| Digital tools | Updated app post-rebrand |
| Ethical option | Limited |
Fee and return data reflects the transition period. Check Summer’s current product disclosure statement at summer.co.nz for updated figures.
Background: From Kiwibank to Summer
Kiwibank sold its KiwiSaver scheme in late 2023/early 2024 to a consortium of Simplicity and Booster — two of New Zealand’s most respected KiwiSaver providers. The scheme was rebranded as Summer, with updated branding, a new digital platform, and an evolving investment approach reflecting the new owners’ philosophies.
What this means for existing members:
- Existing Kiwibank KiwiSaver members were automatically moved to Summer
- Investment mandates and fund options were reviewed and updated under the new ownership
- The Summer brand sits alongside (but is separate from) Simplicity and Booster’s own KiwiSaver schemes
Investment Approach
Under Simplicity and Booster’s ownership, Summer’s investment approach has evolved toward:
- Lower-cost index-oriented strategies (Simplicity’s influence)
- Enhanced digital tools and member experience (Booster’s digital infrastructure)
- Glidepath-style lifecycle options (aligning with Booster’s approach)
The fund range includes growth, balanced, conservative, and default options. The exact fee structure and fund composition should be verified directly at summer.co.nz as the post-rebrand product lineup continues to be refined.
Fees
Indicative fees post-rebrand:
| Fund type | Indicative fee range |
|---|---|
| Growth | ~0.50%–0.75% |
| Balanced | ~0.45%–0.65% |
| Conservative | ~0.40%–0.55% |
These are competitive with mid-market independent providers and significantly below ANZ, ASB, and Fisher Funds. The Simplicity ownership influence appears to be driving costs down relative to the Kiwibank-era fees.
Performance
Over the 5-year period including the Kiwibank era:
| Fund | 5-yr return (indicative, after fees) |
|---|---|
| Growth | ~7.8%–8.3% p.a. |
| Balanced | ~6.3%–7.0% p.a. |
| Conservative | ~4.6%–5.0% p.a. |
Performance has been broadly in line with mid-market providers — ahead of ANZ and Fisher Funds, broadly comparable to BNZ, and below Milford and Generate. The post-rebrand direction (lower-cost passive approach) suggests performance may align more closely with Simplicity over time.
Who Summer Suits
Good fit:
- Former Kiwibank customers already in the scheme who want to assess whether to stay
- Members seeking a mid-cost option with the backing of reputable owners (Simplicity + Booster)
- Members who want to observe Summer’s post-rebrand trajectory before switching elsewhere
Consider alternatives if:
- You want the absolute lowest fees: Simplicity itself (0.31%) is cheaper than Summer
- You want the best 5-year active performance: Milford or Generate
- You want a dedicated ethical fund: Pathfinder or Booster SRI
- You’re a new member who has never been with Kiwibank — Simplicity or BNZ may offer better value directly
Summer vs Switching to Simplicity Directly
A natural question for Summer members is whether they should switch directly to Simplicity (one of its owners). On current indications:
- Simplicity’s own KiwiSaver scheme is cheaper (0.31% vs ~0.50%–0.75% for Summer)
- Simplicity’s 5-year performance is slightly ahead of Summer
- Summer may offer Booster’s Glidepath lifecycle feature — which Simplicity does not
The answer depends on whether Summer’s evolving product (post-rebrand) delivers enough differentiation from Simplicity to justify a slightly higher fee. If Summer’s fees converge toward Simplicity levels, the distinction reduces.
Frequently Asked Questions
What happened to Kiwibank KiwiSaver? Kiwibank sold its KiwiSaver scheme in 2023/2024 to a consortium owned by Simplicity and Booster. The scheme was rebranded as Summer. All existing Kiwibank KiwiSaver members were automatically transitioned to Summer.
Is Summer a good KiwiSaver provider? Summer is a credible option with reputable new owners. Its fees are competitive relative to bank providers. Whether it’s the best choice for a new member depends on comparison with Simplicity, BNZ, and Milford — the strongest alternatives at similar or lower fees.
Should I stay with Summer or switch to Simplicity? Simplicity is currently cheaper and has a strong 5-year track record. If you’re already in Summer and satisfied with the service, staying to observe the post-rebrand trajectory is reasonable. If you’re new or actively comparing, Simplicity offers slightly better value on cost.
Can I join Summer without being a Kiwibank customer? Yes. Summer is open to all New Zealanders regardless of who they bank with.
What to Read Next
- Best KiwiSaver Providers NZ — full provider rankings
- Simplicity KiwiSaver Review — Summer’s sister scheme
- Booster KiwiSaver Review — Summer’s other owner
- KiwiSaver Fees Comparison — all providers ranked by fee
- Switching KiwiSaver Providers — how to move
- Bank vs Independent KiwiSaver NZ — the wider landscape