KiwiSaver Providers - Overview

Who Are The Best KiwiSaver Providers In NZ?

Best Performing KiwiSaver Funds

Kiwi Wealth Balanced
Milford Active Growth
High Growth
Booster SRI High Growth

*Past performance is not necessarily indicative of future performance.

*List is of the highest 5-year returns A-rated funds as per our Investment Selection Process

*All returns are after fees and tax (28% PIR) as of the quarter ended 31st December 2023.

*Source: National Capital Research February 2024

Is your KiwiSaver fund missing from the list?

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Best KiwiSaver Providers - Updated August 2023

National Captial regularly conducts research on the best KiwiSaver providers and updates figures quarterly based on the latest data. Each fund type differs in risk profile and returns, therefore, the table below lists the best KiwiSaver providers based on the different fund types.

Fund Type Best KiwiSaver Providers & Fund Name 5-Year Average Return
Conservative Milford Conservative 2.55%
Moderate Generate Moderate 3.6%
Balanced Milford Balanced 6.14%
Growth Milford Active Growth 7.86%
High Growth Booster SRI High Growth 8.18%

Above is the list of the best KiwiSaver providers based on fund performance.

It is important to note that comparisons between KiwiSaver providers are based on past performance. They are not an indicator of how they will perform in the future.

Although finding the best KiwiSaver providers is subjective, we can compare overall performance. National Capital has broken down the best performing KiwiSaver funds ranging from low, medium, to high-risk investments.

However, the best KiwiSaver provider is about more than just annual returns. That all depends on your circumstances and lifestyle. Choosing the right KiwiSaver provider means you need to consider:

  • Fees, rules, and terms and conditions of the KiwiSaver provider
  • How and where your money is invested
  • Their investment approach to social and environmental issues
  • Who manages your funds

Different KiwiSaver providers perform better in different funds. This means that depending on your risk appetite and circumstances, you may switch KiwiSaver provider, fund category, or both. Yes, I agree, it can be overwhelming. That is why we’ve made it easy. Simply complete our Free KiwiSaver Recommendations form to receive your personalised recommendations.


The right KiwiSaver provider will make a big difference to your payout.

Spending 10 minutes to complete our HealthCheck form may be the most important thing you can do for your KiwiSaver account right now.


KiwiSaver Providers - A Detailed Breakdown

Are you interested in joining a specific KiwiSaver provider? Before you do, here's a detailed breakdown of their offering and how the compare against other KiwiSaver providers. 

Amanah KiwiSaver Scheme AMA
Amanah KiwiSaver Scheme
Amanah Ethical is a boutique fund management group based in Auckland, New Zealand. They specialise in providing ethical investment solutions to New Zealand and international investors.
AMP KiwiSaver Scheme Details AMP
AMP KiwiSaver Scheme Details
AMP Capital and AMP Wealth Management are part of the AMP Group. They share a heritage that spans almost 170 years. They started back in 1849 as the investment management arm of AMP Group.
ANZ KiwiSaver Scheme ANZ
ANZ KiwiSaver Scheme
ANZ is one of the world's largest banks and their businesses serve more than 5 million customers. ANZ manages six funds under its OneAnswer KiwiSaver scheme and has total Assets Under Management (AUM) of more than $NZD 10 billion and 592,230 members.
ASB KiwiSaver Scheme ASB
ASB KiwiSaver Scheme
The ASB Kiwisaver scheme has a total Assets Under Management (AUM) of over $10.5 billion and a total number of over 530,000 KiwiSaver members.
BNZ KiwiSaver Scheme BNZ
BNZ KiwiSaver Scheme
The BNZ KiwiSaver Scheme manages six funds. They have total KiwiSaver Assets Under Management (AUM) of over $NZ 2.7 billion and 178,146 KiwiSaver clients.
Booster KiwiSaver Scheme BOO
Booster KiwiSaver Scheme
Booster Investment Management Limited currently manages 16 KiwiSaver funds. They have total Assets Under Management (AUM) in their KiwiSaver scheme of over $1.85 Billion and 154,417 Kiwisaver members.
Pathfinder KiwiSaver Scheme CSV
Pathfinder KiwiSaver Scheme
Pathfinder manages seven funds under their KiwiSaver scheme, varying in levels of risk from the Cash Fund to the Shares Fund. As of March 2020, the total Assets Under Management (AUM) for Pathfinder is over $77 million.
Christian KiwiSaver Scheme CHR
Christian KiwiSaver Scheme
The Christian KiwiSaver Scheme has total KiwiSaver Assets Under Management (AUM) of over $NZ 54 million and 1,941 KiwiSaver clients.
Craigs KiwiSaver Scheme CRA
Craigs KiwiSaver Scheme
Craigs Investment Partners KiwiSaver has Assets Under Management (AUM) of over $NZ 290 million and 5,777 members.
Fisher Funds KiwiSaver Scheme FF
Fisher Funds KiwiSaver Scheme
Fisher Funds provides a number of services, including KiwiSaver, managed funds, premium services tailored to wealthy individuals, workplace LifeSaver plans geared towards retirement, and financial advice and they manages seven funds under the KiwiSaver scheme and has an AUM of over NZ $2.7 Billion and 140,667 members.
Fisher Funds Two KiwiSaver Scheme FFTWO
Fisher Funds Two KiwiSaver Scheme
Fisher Funds Two manages eleven funds under the KiwiSaver scheme and has an AUM of over NZ $2.28 Billion and 103,255 members.
Generate KiwiSaver Scheme GEN
Generate KiwiSaver Scheme
Generate is a New Zealand owned and operated KiwiSaver specialist. The Generate KiwiSaver Scheme manages seven funds and has Total Assets Under Management (AUM) of over $1.7 billion and 83, 213 members, as per the annual fund report of March 2020.
Kiwi Wealth KiwiSaver Scheme KW
Kiwi Wealth KiwiSaver Scheme
The Kiwi Wealth KiwiSaver Scheme manages six funds and has total KiwiSaver Assets Under Management (AUM) of over $NZ 4.4 billion and 216,616 KiwiSaver clients.
Kōura Wealth KiwiSaver Scheme Kōura
Kōura Wealth KiwiSaver Scheme
The Manager of the Scheme is Kōura Wealth Limited, a company incorporated in New Zealand under the Companies Act 1993 on 20 February 2019. Kōura manages the investments of, and administers, the Scheme. Kōura is 100% New Zealand owned, we are very proud of our Kiwi heritage.
Lifestages KiwiSaver Scheme LS
Lifestages KiwiSaver Scheme
The Lifestages KiwiSaver Scheme manages eight funds and has total KiwiSaver Assets Under Management (AUM) of over $366 million and 19,152 KiwiSaver clients.
Medical Assurance Society(MAS) KiwiSaver Scheme MAS
Medical Assurance Society(MAS) KiwiSaver Scheme
The Medical Assurance Society KiwiSaver Scheme has a total KiwiSaver Assets Under Management (AUM) of over $NZ 769 million and 15,117 KiwiSaver clients.
Mercer KiwiSaver Scheme MER
Mercer KiwiSaver Scheme
The fund management division of Mercer is ranked 82nd in the world for the total assets under management, with Assets Under Management (AUM) totaling $199.7 billion as of 2019. Mercer manages seven funds under their KiwiSaver scheme, varying in levels of risk from the Cash fund to the Shares fund. As of June 2019, the total AUM for Mercer KiwiSaver was over $2 Billion.
Milford KiwiSaver Plan MIL
Milford KiwiSaver Plan
The Milford KiwiSaver Plan manages six funds with over 45,000 members and has total Assets Under Management (AUM) of over $2,632 million NZD (as of 30th Sep 2020).
Nikko KiwiSaver Scheme NIK
Nikko KiwiSaver Scheme
The Nikko AM KiwiSaver Scheme manages six funds and has a total KiwiSaver Assets Under Management (AUM) of over $NZ 7.3 million and 77 KiwiSaver clients.
Quaystreet KiwiSaver Scheme QS
Quaystreet KiwiSaver Scheme
TheQuayStreet KiwiSaver Scheme manages ten funds and has total KiwiSaver Assets Under Management (AUM) of over $NZ 187 million and 2,611 KiwiSaver clients.
Simplicity KiwiSaver Scheme SIM
Simplicity KiwiSaver Scheme
The Simplicity Kiwisaver scheme has total Assets Under Management (AUM) of over $980 million and 34,062 KiwiSaver members.
Summer KiwiSaver Scheme SUM
Summer KiwiSaver Scheme
The Summer KiwiSaver Scheme manages nine funds and has total KiwiSaver Assets Under Management (AUM) of over $NZ 166 million and 4,356 KiwiSaver clients.
Superlife KiwiSaver Scheme SUP
Superlife KiwiSaver Scheme
The SuperLife Kiwisaver scheme has a total Assets Under Management (AUM) of over $890 million and 4,685 kiwisaver members (As at August 2019).
Westpac KiwiSaver Scheme WES
Westpac KiwiSaver Scheme
The Westpac KiwiSaver scheme has six investment options, a cash option, and five diversified options. It has a total Assets Under Management (AUM) of over $6.8 Billion.

KiwiSaver Providers - Everything You Need To Know

When you first start working between the ages of 18 and 65 you are automatically enrolled with a KiwiSaver provider. Unless of course, you decide to opt out. From the date you register with a KiwiSaver provider, you have eight weeks to opt out. You can apply for a KiwiSaver opt-out request through Inland Revenue (IRD).

This freedom of choice extends to your ability to switch KiwiSaver providers too. Although we don’t suggest you shift between schemes and funds often, you can change KiwiSaver providers to find the best KiwiSaver provider for you. Furthermore, changing KiwiSaver providers is very easy to do.

When choosing a KiwiSaver provider, you can consider many factors. After all, investing a portion of your savings from the age of 18 to 65 can lead to significant returns. Choosing the best KiwiSaver provider and fund for you is very important to securing financial freedom. It can mean the difference between below or above-average results. It's not just about a KiwiSaver provider's overall performance. Other factors such as fees, timing, and investment fund, are all important. We consider all aspects when analysing your unique circumstances to provide Free KiwiSaver Recommendations.

Here’s a quick summary of what you can find on this page: 

National Capital is a financial advisor providing free information and recommendations to help Kiwis make smart financial decisions. If you’re currently in research mode and are unsure about selecting between providers, you’ve come to the right place. We take the time to ask about your current situation and goals in order to make a qualified recommendation. Get in touch with us if you need help along your research process.


Who Are The Default And Other KiwiSaver Providers?


Default KiwiSaver Providers

There are several KiwiSaver providers to choose from. If you don’t pick your own KiwiSaver provider, you are automatically appointed one. As of December 1st, 2021 there are six default KiwiSaver providers:

  1. BNZ
  2. Booster
  3. BT Funds (Westpac)
  4. Kiwi Wealth
  5. Simplicity
  6. Smartshares (NZX)

As of June 2020 data from Inland Revenue shows that there are over 3 million Kiwis in a KiwiSaver Scheme. More than 19% of them entered via default KiwiSaver providers.

The six default KiwiSaver providers were appointed after a competitive tender. Each KiwiSaver provider was assessed against a set of criteria. These include investment ability, user fees, customer experience, managing of transitional arrangements, and organisational structure.

Additionally, default KiwiSaver providers must engage with clients at key stages to help them make informed decisions on retirement savings. They also must not invest in fossil fuels or illegal weapons.

If a member was paired with a default KiwiSaver provider prior to December 1st, 2021, who is no longer on the list, they will be transferred. This is of course if they haven’t made an active choice to stay with their existing KiwiSaver provider. This transfer occurs to ensure that members who opted for a default KiwiSaver provider continue to enjoy the benefits.

These benefits include the aforementioned low fees and service standards. This transfer is done automatically with no action needed from members.

For the most up-to-date information on default KiwiSaver providers, you can go to the Inland Revenue website.

List of KiwiSaver Providers

The list of KiwiSaver providers is reasonably large. Therefore, choosing your own can be a daunting task. Here at National Capital we offer free KiwiSaver provider and fund recommendations completely tailored to you. Our team does constant and extensive research on the best performing KiwiSaver funds. Thus, you can make an informed decision with the best advice there is.

With that said, here is a list of current KiwiSaver providers:

1. Amanah 16. Kōura
2. AMP 17. Lifestages
3. ANZ 18. Medical Assurance Society (MAS)
4. Aon 19. Mercer
5. ASB 20. Milford
6. BNZ 21. Nikko
7. Booster 22. OneAnswer
8. BT Funds (Westpac) 23. Quaystreet
9. Pathfinder 24. Simplicity
10. Christian 25. Smartshares (NZX)
11. Craigs 26. Summer
12. Fisher 27. Superlife
13. Generate 28. Westpac
14. Juno  
15. Kiwi Wealth  

Amongst this list of KiwiSaver providers, twenty are New Zealand owned and operated while the remaining eight are overseas owned.

Find out more about each KiwiSaver provider by going through our detailed analysis linked at the bottom of this page.


The right KiwiSaver provider will make a big difference to your payout.

Spending 10 minutes to complete our HealthCheck form may be the most important thing you can do for your KiwiSaver account right now.


KiwiSaver Providers - Frequently Asked Questions

Most commonly asked questions about KiwiSaver providers and picking which one is right for you.
Who are the top KiwiSaver providers based on overall satisfaction ratings?

Another aspect to touch on is the difference in overall customer satisfaction between KiwiSaver providers. According to Consumer NZ’s annual KiwiSaver provider satisfaction survey, Milford ranked the highest with 85% overall satisfaction in 2021. ASB took last place with a 43% customer satisfaction rating. The industry standard averaged out from all KiwiSaver providers in 2021 was at 55%.

Best KiwiSaver Provider 2021

The ratings are essentially given based on KiwiSaver providers keeping customers informed with their balance and performance. Additionally, the ease in which they can access their KiwiSaver login and account. Ultimately, your KiwiSaver provider should make it as easy as possible for you to track your account and performance.

How do I find my KiwiSaver provider?

You’re ready to make an active decision on your scheme but are left wondering how on earth I find my KiwiSaver provider.

You may have a default KiwiSaver provider but you’re not sure which one. Alternatively, some businesses have their own preferred KiwiSaver providers that you can join if you have no preference. Regardless, if you do not know who your KiwiSaver provider is, there are multiple ways to find out.

  1. Log in to your My IR Account through Inland Revenue. Once you are on the Summary Dashboard, if you’re a KiwiSaver member, you can see your KiwiSaver provider details. Simply click through ‘Scheme provider details’ to find the name of your KiwiSaver provider, website, and phone number.

KiwiSaver Provider - My IR Login

  1. If you don’t know your My IR Log In details, you can contact Inland Revenue and ask them. Having your IRD number ready will come in handy when contacting Inland Revenue.

  2. If you were automatically enrolled with your employer’s preferred KiwiSaver provider, you can ask them for the provider’s details.

Ultimately, to find my KiwiSaver provider, shouldn’t be too difficult. Inland Revenue is your best option to track down the correct details.

Who is the cheapest KiwiSaver provider?

We must stress, that the cheapest fees don’t necessarily sway performance one way or another.  A KiwiSaver provider can have the cheapest fees but offer significantly lower returns than the provider with slightly higher fees. The opposite is also true. A KiwiSaver provider with higher fees may also offer lower returns than another with lower fees. 

The moral of the story is, that you shouldn’t be making your choice based on fees. We break down exactly why in this article here. Nonetheless, here’s a list of the cheapest KiwiSaver providers for each fund offered according to the Morningstar - March 2022 Report

Provider & Fund 

Admin & Other Fees

Management Fees

(Fees) Industry Av.

5-Year Average Annual Return

(Return) Industry Av.

Conservative Fund - Simplicity (Default)



$0 + 0.66%



Moderate Fund - BNZ



$18 + 0.90%



Balanced Fund - SuperLife (Default)



$23.40 + 0.20%



Growth Fund - Simplicity



$21.70 + 1.16%



Aggressive Fund - SuperLife High Growth



$26.70 + 1.24%



We can see the BNZ Moderate Fund has one of the lowest fees and is yet outperforming the industry average. On the other hand, the SuperLife Aggressive Fund has the lowest fees but has been underperforming against the industry average.

Some KiwiSaver providers structure their fees differently from the standard fixed admin fee plus a management fee. JUNO for example structures its admin fee based on the dollar value of your investment portfolio. Their admin fee ranges from $0 to $600 depending on the total value of your portfolio. Therefore, making it more difficult to compare KiwiSaver provider fees, much like apples and oranges. 

Can I change my KiwiSaver provider?

Of course, you can change your KiwiSaver provider at any time. As per IRD statistics, more than 139,000 people changed between providers in FY2021.  

There are many people like myself that get paired with a default provider and may consider changing later. Once I find my KiwiSaver provider details and performance results, I can start gathering information to make an informed decision. You don’t have to go through this alone though. A financial advisor, like National Capital, is here to make the process easy by offering you advice and comparison data. 

There are many reasons why you may decide to make the move. You may be after a KiwiSaver provider offering the cheapest fees. Alternatively, you may want to move to the top performer in any particular fund. Your decision can also rest on how ethical their investment strategy is. Although, most KiwiSaver providers are increasingly aware they are open to scrutiny on their investment decisions on an ethical basis. You may also decide to pick one depending on their customer service rating and overall user experience. 

Most people who come to us will make a decision based on their short and long-term goals. If you are wanting to withdraw your balance to use for a first home deposit, you may consider picking a less volatile fund. The National Capital team uses the latest performance data to recommend the best KiwiSaver provider for that scenario. On the other hand, you may be after long-term high returns. Once again, National Capital crunches the latest data comparing all KiwiSaver providers to recommend the best option. 

We wrote a detailed article on how to switch providers. In fact, you may be surprised by how easy and quick the process can be. Alternatively, contact us to walk you through it step by step.

Can you have two KiwiSaver providers?

The short answer is no. You can only have one KiwiSaver provider at any one time. The current rules have been in place since launch and there’s no indication they are about to change. 

However, we often talk about diversification and how important it is for a successful long-term strategy. With diversification in mind, I am able to split my investment between multiple funds offered by my KiwiSaver provider. Of course, you can too. 

Most KiwiSaver providers invest your funds in multiple asset classes ranging from cash, fixed interest, and international shares. Moreover, they offer different funds depending on your risk tolerance and financial goals. As mentioned, all KiwiSaver providers allow you to split your investment in multiple funds if you wish to do so. 

According to Interest, there is currently no intention or discussion to allow people to have two or more KiwiSaver providers. That goes for the government as well as KiwiSaver providers themselves. 

If you aren’t in the finance industry, you may not know how and why to choose between providers. The government selects a number of default options for people that haven’t actively chosen their KiwiSaver provider. However, that doesn’t necessarily guarantee the best performance or may not align with your financial goals. National Capital was founded with the mission to help Kiwis make an informed choice when selecting their provider. 

We’ve established that you can only select one KiwiSaver provider. Naturally, to make an active choice, there are certain criteria that you should consider. Of course, fees are one factor. Investment performance and ethics are other important factors. You should also consider your short and long-term financial goals. National Capital offers free recommendations to find out which provider best fits your needs.

The right KiwiSaver provider will make a big difference to your payout.

Spending 10 minutes to complete our HealthCheck form may be the most important thing you can do for your KiwiSaver account right now.