Reference

NZ KiwiSaver Fund Returns and Fees

Last updated: May 2026

5 Types

Defensive to Aggressive

~0.2-1.5%

Typical Annual Fee

Long-term

What Matters Most

KiwiSaver funds are grouped by how much they hold in growth assets (shares and property) versus income assets (cash and bonds). More growth assets means higher expected long-run returns but bigger ups and downs along the way. The ranges below are long-run averages to illustrate the trade-off, not a forecast; actual returns vary year to year and fund to fund.

KiwiSaver Calculator KiwiSaver Fee Calculator Managed Fund vs KiwiSaver

Fund Types, Growth Assets and Long-Run Returns

Fund type	Growth assets	Risk	Long-run return (typical)
Defensive / Cash	0 to 10%	Low	2 to 4%
Conservative	10 to 35%	Low-Medium	3 to 5%
Balanced	35 to 63%	Medium	5 to 7%
Growth	63 to 90%	Medium-High	7 to 9%
Aggressive	90 to 100%	High	8 to 11%

Source: Sorted Smart Investor publishes actual returns and fees for every KiwiSaver fund. Ranges shown are long-run illustrations; past returns do not predict future returns.

Fees Matter as Much as Returns

Point	Detail
Typical annual fund fee	Roughly 0.2% to 1.5% of your balance, depending on the fund and provider
Why it matters	Fees are charged every year on your whole balance, so over decades a 1% difference can cost tens of thousands of dollars
Returns are quoted after fees	Published fund returns are usually after fees but before tax; tax is at your PIR (capped at 28%)
Switching	You can change fund or provider at any time for free

The right fund type depends mostly on your time horizon. For money you will not touch for decades (a young saver, or retirement decades away), a growth or aggressive fund usually suits, since there is time to ride out the dips. For money you will need soon (a first home within a couple of years), a conservative or defensive fund reduces the risk of a fall just before you withdraw.

Source: Financial Markets Authority annual KiwiSaver report and Sorted. See also our KiwiSaver Rates and RWT and PIR Rates references.

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