Funds compared
104
All active funds
KiwiSaver fee calculator
Enter your balance to see how much each fund costs per year. Small fee differences compound significantly over decades.
Lowest fee (on $50k)
$100
Per year
Highest fee (on $50k)
$906
Per year
$
Cheapest fund$100/yrMilford Cash
Most expensive$906/yrBooster Geared Growth
Potential saving$806/yr$8,060 over 10 years
Top 10 cheapest funds at your balance
| # | Fund | Provider | Type | Annual fee | 10yr cost |
|---|---|---|---|---|---|
| 1 | Milford Cash | Milford | Cash | $100 | $1,000 |
| 2 | Simplicity High Growth | Simplicity | Aggressive | $120 | $1,200 |
| 3 | Simplicity Conservative | Simplicity | Conservative | $120 | $1,200 |
| 4 | Simplicity Growth | Simplicity | Growth | $120 | $1,200 |
| 5 | Simplicity Balanced | Simplicity | Balanced | $120 | $1,200 |
| 6 | Simplicity Default | Simplicity | Balanced | $120 | $1,200 |
| 7 | Simplicity Defensive | Simplicity | Defensive | $120 | $1,200 |
| 8 | Kernel Conservative | Kernel | Conservative | $125 | $1,250 |
| 9 | Westpac Cash | Westpac NZ | Cash | $125 | $1,250 |
| 10 | Kernel High Growth | Kernel | Aggressive | $125 | $1,250 |
Fees shown are indicative based on your balance and published management/admin fees. Actual fees may vary. This calculator does not account for performance fees. See each provider's PDS for exact fee details.
Understanding KiwiSaver fees and why they matter
KiwiSaver fees are deducted from your balance every year — and over decades of compounding, even a small difference can cost you tens of thousands of dollars. This guide explains how fees work, what to watch out for, and how to use the calculator above to find lower-cost alternatives.
The two types of KiwiSaver fees
Every KiwiSaver fund charges a combination of two fees. Both are deducted automatically — you never see an invoice, which is why many people underestimate how much they're paying.
Management fee (% of balance)
A percentage of your total balance charged annually. This is the largest cost for most members. Ranges from around 0.20% for passive index funds to over 1.50% for actively managed funds.
- Example
- 0.50% on a $50,000 balance = $250 per year
- Key point
- This fee grows as your balance grows — it compounds against you
Fixed annual fee ($ per year)
A flat dollar amount regardless of your balance — typically $18–$36 per year. Some providers charge $0. This fee matters most when your balance is small.
- Example
- $30 per year regardless of whether you have $5k or $500k
- Key point
- Becomes proportionally smaller as your balance grows
How the fee calculator works
The calculator uses a simple formula to convert each fund's percentage-based and fixed fees into a single dollar amount based on your actual balance:
Step 1
Enter your current KiwiSaver balance (or pick a preset like $10k, $50k, $100k).
Step 2
The calculator multiplies your balance by each fund's management fee rate, then adds the fixed annual fee.
Step 3
Funds are ranked from cheapest to most expensive, showing the annual fee and projected 10-year cost for each.
Tip — check at your actual balance, not $50k
The default $50,000 balance is a common benchmark, but your ranking may change at different balances. Funds with a low percentage fee but high fixed fee can be expensive for small balances, and vice versa. Always check at your real balance for the most accurate comparison.
How much do fees really cost over time?
Fees don't just reduce your balance today — they reduce the amount that compounds for you in future years. This is the hidden cost of high fees.
Low-fee fund
A fund charging 0.30% on a $50,000 balance costs $150/year. Over 25 years (assuming 7% returns), your balance grows to roughly $246,000 — with about $5,800 paid in total fees.
High-fee fund
A fund charging 1.30% on the same balance costs $650/year. Over 25 years, your balance reaches roughly $198,000 — with about $38,000 paid in total fees. That's $48,000 less in your pocket.
The 1% rule of thumb
Every 1% in annual fees can reduce your final retirement balance by roughly 20–25% over a 30-year period. A fund charging 1.50% needs to consistently outperform a 0.30% fund by 1.20% per year just to break even — and most don't.
Active vs passive fund fees
The biggest driver of fee differences is whether a fund is actively or passively managed.
Passive (index) funds
Track a market index automatically. Fees are typically 0.20–0.50% because there's no stock-picking team to pay. Research consistently shows most passive funds outperform active funds after fees over the long term.
Active funds
A fund manager selects investments, aiming to beat the market. Fees are typically 0.80–1.50%+. Some active funds deliver strong returns that justify the cost, but many don't outperform their benchmark after fees.
How to decide
If minimising costs is your priority, passive funds are hard to beat. If you believe a particular manager has a proven edge, active can work — but check their track record over at least 5 years, and compare net-of-fee returns (not gross). The fund comparison table shows both fees and returns side by side.
When to consider switching funds
Switching KiwiSaver providers is free and takes 10–20 business days. There are no break fees or lock-in periods. Consider switching if:
High fees
You're paying more than 1% in management fees and your fund isn't consistently outperforming cheaper alternatives.
Wrong fund type
Your fund type no longer matches your age and risk profile — use the fund finder to check.
Life change
You've had a major life event — new job, buying a home, approaching retirement — that changes your investment horizon.
Frequently asked questions
How are KiwiSaver fees calculated?
Your annual fee is: (balance × management fee %) + fixed annual fee. For example, a fund with 0.50% management fee and $30 admin fee on a $50,000 balance costs $250 + $30 = $280 per year. Fees are deducted from your balance automatically.
What is a good KiwiSaver fee in NZ?
For passive/index funds, 0.20–0.40% is considered low. For active funds, anything under 0.80% is competitive. On a $50,000 balance, the cheapest NZ funds cost around $100–$200 per year while the most expensive can exceed $800.
Do lower fees always mean better returns?
Not always — but over the long term, lower fees are the most reliable predictor of better net returns. High-fee funds need to consistently outperform just to break even with cheaper alternatives, and most don't manage this over 10+ years.
Can I avoid KiwiSaver fees entirely?
No — every KiwiSaver fund charges some form of fee. However, you can minimise fees by choosing a low-cost passive fund. Some funds charge as little as 0.20% with no fixed annual fee.
Does switching KiwiSaver providers cost anything?
No. Switching is completely free and there are no break fees or penalties. Simply sign up with your new provider and they handle the transfer of your balance. The process takes 10–20 business days.