Who Is The Best KiwiSaver Scheme 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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What is a KiwiSaver scheme?

A KiwiSaver scheme is an entity that offers a collection of investment funds for you to choose from. That choice varies depending on your risk tolerance and interests. Naturally, the life stage you’re in will also play an important role in your choice too. For example, if you’re just starting work as a teenager or nearing you’re retirement.

A KiwiSaver scheme will invest your savings on your behalf should you decide to opt in. The government initially set up the KiwiSaver scheme idea as a way to boost Kiwi retirement savings. Notably, the government continues to play a key role in regulation to ensure that KiwiSaver scheme companies meet certain criteria. That criteria can be found in detail as written under the KiwiSaver Act 2006 legislation.

The government also has the power to set a list of default KiwiSaver Scheme companies. Joining members get automatically enrolled in one of the following (current) default providers if they don’t make their own choice:  

  • BNZ KiwiSaver Scheme
  • Booster KiwiSaver Scheme
  • Kiwi Wealth KiwiSaver Scheme
  • Simplicity KiwiSaver Scheme
  • SuperLife KiwiSaver Scheme
  • Westpac KiwiSaver Scheme

The default providers must meet the following criteria to ensure that members’ best interests are looked after:

  • Membership fees must be reasonable.
  • Default providers have more investment reporting requirements than other non-default KiwiSaver scheme companies. 
  • Their activities and investment funds are closely monitored to ensure regulatory standards are met at all times. 

Although the goal is to get Kiwis to save more for their retirement, the KiwiSaver scheme is not guaranteed. You can lose money just like with any other investment. However, historically, there has been a growth trend in funds managed by a KiwiSaver scheme.


The right KiwiSaver scheme 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 Scheme - A Detailed Breakdown

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

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.
Aon KiwiSaver Scheme AON
Aon KiwiSaver Scheme
Aon is a specialist superannuation division of Aon New Zealand, an insurance broker with over 30 years of industry experience. They currently administer a large portion of corporate superannuation and KiwiSaver schemes in New Zealand.
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.

Which KiwiSaver scheme is the best one for you?

We track all KiwiSaver scheme performances in order to come up with a subjective answer to this frequently asked question. To find the best option in terms of financial returns, you can click through to our dedicated page here

However, as previously mentioned, you’re choice will depend on more than just performance. A highly volatile fund that is performing well may not be a wise choice for someone looking to withdraw in the short term. On the other hand, a low-return KiwiSaver scheme may not be the best option for a teenager just starting work. For a tailored answer that is suited specifically to you, you can complete our Free KiwiSaver Recommendations form.

To find out more about a KiwiSaver scheme before investing you can read their product disclosure statements. They are legally bound to have one and you can find them through each of their individual websites. Their product disclosure statements will include information about:

  • The terms and conditions of the KiwiSaver scheme, breakdown of fees, and specific rules. 
  • The people responsible for managing and investing your money. 
  • Their investment philosophy and approach (including their stand on environmental and social issues).

Speaking to an authorised financial adviser, someone like National Capital for example can help in your decision. Although we discuss general scenarios here, going through your unique circumstances will point to the right KiwiSaver scheme for you. Even if you have been enrolled automatically or you aren’t sure you’ve made the right choice, switching is simple.

Below is a list of KiwiSaver scheme providers that we have done detailed extensive research on. On each specific page, you can find a general overview of the KiwiSaver scheme, the latest news, and more.


The right KiwiSaver scheme 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 savings right now.


KiwiSaver Scheme - Frequently Asked Questions

The most common questions regarding the KiwiSaver scheme initiative.
What are the key benefits of being a member of the KiwiSaver scheme?

There are many benefits to partaking in the KiwiSaver scheme. From getting into the habit of saving a percentage of your salary, to employer and government contributions. 

Firstly, the reason why the government created the KiwiSaver scheme was due to statistics showing Kiwis didn’t save enough money. According to Stats NZ, that mentality has slightly shifted with household income savings changing from under 1% of net disposable income in 2017 to upwards of 3% in 2022. Regularly investing in a KiwiSaver scheme can certainly be attributed to a shift in the mentality to save more. 

The other benefit you get is the employer and government contributions that come as an added incentive to participate. Your employer is obligated by law to contribute 3% of your salary to your KiwiSaver scheme at their cost. The government will contribute up to $521.43 to your account each year you contribute at least $1042.86. Therefore, if you haven’t already joined, you are missing out on a significant sum of added savings each year. 

There is also the benefit of supporting your financial goals. The KiwiSaver scheme savings you collect can be used as a deposit to purchase your first home or for retirement. Think of how difficult it can be to save for your first home deposit at the present time. The KiwiSaver scheme is a well-structured savings and investment system to help you achieve that goal. Also, financially relying solely on Superannuation is extremely difficult once you stop working and this long-term investment is important. 

The rigidity that the KiwiSaver scheme provides in terms of savings and investment is extremely helpful for everyday Kiwis. It is a way of making investing completely hassle-free but also government-regulated to ensure best practices.

What are the investment options available within the KiwiSaver scheme, and how can members choose the right one for their goals?

There are plenty of KiwiSaver scheme options available for you to choose from. In fact, there are so many, that you may feel overwhelmed by the abundance of choices you have. The first step to choosing the right KiwiSaver scheme is identifying what your goals are. Free advice on which option is the right one for you is available via our HealthCheck analysis and report. 

Each KiwiSaver scheme offers a range of options they call ‘funds’ that you can pick from. These options will have different risk ratings based on the type of investments they are made up of. Cash and bonds are typically lower risk, while stocks, especially international are higher risk. However, the higher-risk stocks have shown a rate of higher return as a long-term investment. In the short term, these high-risk stocks have a track record of being volatile and exposed to market shocks. 

There are also faith-based schemes such as the Christian and Amanah KiwiSaver schemes. They specialise in providing ethical investment solutions according to the Christian and Islamic religious faiths, respectively. 

As you can see, there are options out there to suit everyone. It has also become the norm of every KiwiSaver scheme to invest ethically and consider environmental, societal, and governance issues.

You must identify what your goals and investment boundaries are. National Capital can help filter through all the KiwiSaver scheme options to find the one that best aligns with you. If you don’t make a choice, you will be automatically enrolled into a default KiwiSaver scheme. Regardless, you are free to switch to another KiwiSaver scheme anytime and as many times as you desire.

Why are so many KiwiSaver scheme options available, and what sets them apart?

It is reasonable to feel overwhelmed with the KiwiSaver scheme choices readily available. With over 20 KiwiSaver scheme options, how do you know you’ve picked the right one?! Well, you can rest assured that these options do indeed serve a purpose and are tightly regulated. The good news is that you have advisers like National Capital that can help you pick the right KiwiSaver scheme. The answer to the abundance of options is linked to what also sets them apart. With that in mind, let’s dive deeper and discuss the differences between KiwiSaver scheme selections. 

Banking and insurance providers make up a significant number of the KiwiSaver scheme selection readily available. Providers such as ANZ, ASB, BNZ, Westpac, and Aon are all established brands in the banking and insurance industries. From their perspective, they are leveraging their reputations and brand recognition by offering KiwiSaver scheme solutions as an additional product. On the other hand, you’re getting the convenience of consolidating your KiwiSaver scheme and banking or insurance in one platform. 

Specialised investment firms such as Booster, Generate, and Milford Asset Management often have their roots in investing. They typically have a more hands-on approach and have a history as top performers when tracking returns on investment. If you are solely interested in returns, you may consider one of these options as the right one for you. 

There are also KiwiSaver scheme solutions tailored for people investing based on cultural and ethical beliefs. Amanah and Christian KiwiSaver scheme are two examples of investment firms based on religious beliefs. Pathfinder is an example of a KiwiSaver scheme that avoids investing in companies or industries deemed harmful to the planet. Meanwhile, the Medical Assurance Society is the preferred KiwiSaver scheme for medical professionals. 

Who can give advice in regards to the KiwiSaver Scheme?

In New Zealand, not everyone is legally authorised to offer advice on a KiwiSaver Scheme. It's crucial to get advice from qualified professionals to make sure you get accurate and reliable information.

Financial Advisors: The KiwiSaver scheme is an important part of planning for your future, but it can be complicated to navigate. These experts have a deep understanding of the financial world and can offer tailored advice based on your individual situation. They take into account factors like your income, spending habits, and future goals to recommend the best KiwiSaver scheme, contribution rate, and investment strategy for you. 

KiwiSaver Scheme Providers: The KiwiSaver scheme itself may not give you personal advice but does provide helpful information about their plans. Information includes how well the plan has done in the past, and how much it costs. By learning about the different plans, you can make smart choices that fit with your financial goals.

Employers: Employers play a supportive role in the KiwiSaver scheme journey. While not financial advisors, employers can offer practical assistance in the enrollment process, contribution setup, and basic information. They may also provide educational materials to employees and create an environment where questions about the KiwiSaver scheme are welcomed. 

Citizens Advice Bureau: The Citizens Advice Bureau (CAB) is a community-based resource offering free advice on various topics, including the KiwiSaver scheme. While CAB provides general information and advice, they are not a substitute for professional financial or legal advice. 

Reputable Resources: If you want to learn more about a KiwiSaver scheme, there are some trustworthy resources you can check out. These include the Financial Markets Authority (FMA), Inland Revenue Department (IRD), and Sorted. These resources offer tools, calculators, and educational materials to help you better understand any KiwiSaver scheme questions you might have.

How do I get free money through the KiwiSaver scheme?

Did you know that by enrolling in the KiwiSaver scheme, you can get some extra money for free? That's right! But there's a catch - you will need to contribute your own money to get these benefits. The good news is that there are many ways to get free money through the KiwiSaver scheme. However, you need to actively participate in the program to take advantage of these benefits. Here’s a detailed breakdown:

Member Tax Credits: The New Zealand government provides an incentive for saving through a KiwiSaver scheme, known as Member Tax Credits (MTC). If you contribute at least $1,042.86 each year, the government will reward you with a maximum MTC of $521.43. In simple terms, the government matches 50 cents for every dollar you save up to the designated maximum amount. 

Employer Contributions: Employers participate in the KiwiSaver scheme by matching their employees' contributions, usually up to a specified percentage of their salary. The minimum employer contribution is 3%. 

First Home Grant: For those planning to buy their first home, the Grant offers additional funds to assist in the home-buying process. The amount you can get depends on things like the location of the property and number of kids you have. If you're buying a house that's already been built, the maximum grant amount per eligible member is $5,000. But if you're buying a brand new house, the maximum grant amount per eligible member is $10,000. KiwiSaver scheme members aiming to buy their first home may qualify for the First Home Grant. 

First Home Withdrawal: The KiwiSaver scheme allows members to withdraw funds to facilitate their first home purchase. While it's technically not “free money”, government contributions, employer contributions, and returns collectively serve as a valuable source of funds.

The right KiwiSaver scheme 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 savings right now.