Best KiwiSaver providers: 2025 comparison

Generate

Founded in 2012, Generate is a New Zealand-owned KiwiSaver and wealth manager trusted by over 180,000 Kiwis. 

The company is known for its strong long-term performance and commitment to responsible investing. Generate has been a signatory to the United Nations Principles for Responsible Investment since 2018. Most of their funds are recognised as Mindful Funds by Mindful Money.

Generate currently manages over $7 billion in KiwiSaver assets, making the company one of the larger providers in New Zealand. There are several KiwiSaver options to suit different risk levels and desired potential returns:

• CashPlus Fund (formerly Defensive Fund)
• Conservative Fund
• Moderate Fund
• Balanced Fund
• Growth Fund
• Focused Growth Fund
• Australasian Fund
• Thematic Fund
• Global Fund.

Generate also offers Stepping Stones and Stepping Stones Growth, which automatically adjust your investments as you age, keeping your savings aligned with your life stage.

Generate has been the recipient of several awards as a KiwiSaver provider, including the following: 

• Investor’s Choice Award for KiwiSaver at the Research IP Fund Manager of the Year Awards (2023) 
• Consumer NZ People’s Choice Award for KiwiSaver (2022-2025)
• Highly Commended (Specialist KiwiSaver Provider category) for the Reader’s Digest Trusted Brands Awards (2023-2025)
• Highly Commended (Best Ethical KiwiSaver Provider category) in Mindful Money’s Ethical & Impact Investment Awards (2025)

Generate’s app makes it easy for members to track and manage their KiwiSaver funds and other investments. Generate charges a flat annual administration fee of $36, along with annual fund charges ranging from 0.40% to 1.27%.

Milford

Founded in 2003, Milford has grown to become one of New Zealand’s most prominent investment managers. The company has received numerous awards, including Morningstar Overall New Zealand Fund Manager of the Year (2021-2023) and the INFINZ Diversified Growth Fund Manager of the Year Award (2024). 

Milford is committed to sustainable investing, analysing the environmental, social, and governance (ESG) practices of the companies it considers. Many of their funds are certified by the Responsible Investment Association Australasia, including five of their KiwiSaver products. 

Milford is a major player in KiwiSaver, managing over $12 billion in assets. They offer six funds to suit different life stages and risk profiles:

• KiwiSaver Cash Fund
• KiwiSaver Conservative Fund
• KiwiSaver Moderate Fund
• KiwiSaver Balanced Fund
• KiwiSaver Active Growth Fund
• KiwiSaver Aggressive Fund.

You can match your fund choice with your personal goals and investment timeframe, and use the Milford app to add funds and track your investment’s performance. 

As a KiwiSaver provider, Milford has a strong reputation for performance, customer satisfaction, and value. It has received numerous accolades, including Consumer NZ People’s Choice Award for the Milford KiwiSaver Plan (2018-2025), Canstar’s KiwiSaver Provider of the Year (2020-2025), Outstanding Value - KiwiSaver Award (2020-2025), and Award for Most Satisfied Customers - KiwiSaver (2024-2025).

Milford charges a base fund fee of 0.20%-1.15%, with some funds having an additional performance fee of 0.01%- 0.20%. 

Pathfinder

Founded in 2009, Pathfinder is a boutique KiwiSaver and investment manager, specialising in ethical and responsible investing. Now part of New Zealand wealth management firm Alvarium, Pathfinder continues its mission to create personal wealth and positive social impact. Pathfinder reports the carbon intensity of their funds and offers a Green Bond Fund focused on projects that support a low-carbon future. 

Pathfinder is the first fund manager in New Zealand to achieve B Corp™ certification. The United Nations Principles of Responsible Investing (UNPRI) awarded Pathfinder an A+ rating for governance and strategy and an A for direct and active ownership. In 2023, Pathfinder also won the Transforming Aotearoa New Zealand Award during the 21st Sustainable Business Network Awards. They won Best Ethical Investor and People’s Choice Award for Best Ethical Fund Provider during the 2024 Mindful Money Ethical and Impact Investing Awards. 

In terms of KiwiSaver, Pathfinder manages over $511 million in assets. Their KiwiSaver scheme offers four main funds:

• KiwiSaver Conservative
• KiwiSaver Balanced
• KiwiSaver Growth
• KiwiSaver High Growth.

As a KiwiSaver provider, Pathfinder has received strong recognition for its commitment to both responsible investing and quality returns, being awarded Best Ethical KiwiSaver Provider by Mindful Money five years in a row. 

Several funds (including three of their KiwiSaver products) are certified by the Responsible Investment Association of Australasia (RIAA). Pathfinder’s KiwiSaver Growth and Balanced Funds have also been certified by Mindful Money as animal cruelty-free, weapons-free, climate-friendly, human rights violations-free, and social harm-free.

Pathfinder charges a member fee of $2.25/month ($27/year), although this is waived if your balance is under $1,000 or if you’re under 18. Annual fund charges range from 0.96% to 1.28% depending on which fund you choose.

Ready to make your KiwiSaver work harder for you?

Here’s where to start:

• Join or switch funds: If you haven’t joined KiwiSaver yet, now’s the time. If you are already a member, moving to a fund that truly suits you is simple.
• Review your current fund, especially if you’re in a default scheme, not happy with returns, or your fund no longer suits your life stage, risk tolerance, or goals.
• Compare funds with a KiwiSaver adviser: Get expert guidance to match your investment to your goals, help you avoid costly mistakes, and maximise your returns.

Small steps today can make a big difference to your retirement savings tomorrow. Start your KiwiSaver review today. Your future self will thank you.

Compare KiwiSaver providers and funds with Policywise

Choosing the right KiwiSaver provider and fund can feel overwhelming. Policywise makes things easier. Here’s what you get when you work with us:

• An independent comparison of multiple KiwiSaver funds and providers, so you’re not limited to the options offered by just one company. Instead of second-guessing, you’ll see how different funds stack up side by side
• Personalised fund selection that matches your goals and risk profile. Whether you’re saving for your first home or retirement, we’ll guide you towards fund options that fit your investment timeline and risk tolerance

• Ongoing reviews and support. Your KiwiSaver journey doesn’t stop once you pick a fund. If your situation changes or market conditions shift, we’ll help you make adjustments. And if you opt to switch providers, we’ll take care of the paperwork
• Zero direct fees for expert KiwiSaver guidance. Adviser fees are already included in most KiwiSaver provider charges, so you’re not paying extra for expert advice.

Policywise also goes a step further. Because we’re licensed to provide both KiwiSaver and insurance advice, we can help protect your retirement savings from early KiwiSaver withdrawals due to serious illnesses. That means you’re working with just one company for both your KiwiSaver and your insurance needs.

Ready to find the best KiwiSaver fund for your goals? Contact us today! 

How to compare the best KiwiSaver providers and funds

Choosing the best KiwiSaver fund isn’t about picking the one with the flashiest returns; it’s about finding the fund that matches your goals, values, and comfort with risk. Here are the key factors to consider when comparing providers and funds.

1. Your risk profile 

Your risk profile reflects your comfort and capacity to take on financial risk in pursuit of your goals.

• Conservative funds: Lower risk, steadier returns - best for short-term goals or lower tolerance for market swings
• Growth or aggressive funds: Greater fluctuations, but higher potential long-term returns.

As a general rule, the longer your investment timeframe, the more room you have to take on risk for potentially higher rewards.

2. Your goals and investment timeframe

The right KiwiSaver fund depends on what you’re saving for and when you’ll need the money.

• Short-term goals: If you’re buying your first home or retiring in a few years, a lower-risk fund can help protect your savings from losing value when you’re about to use them
• Long-term goals: If retirement is still many years away, a more growth-focused fund may provide higher returns over time. Your balance may fluctuate along the way, but you’ll have time for it to recover.

3. Performance data

Historical performance can provide an indication of a fund’s consistency and strength. Long-term results are more useful than short-term spikes. But remember that past performance doesn't guarantee future returns.

4. Fees

Fees may seem small, but over the course of decades, they add up to thousands of dollars. A higher fee could be worth it if the fund performs strongly, but always weigh up what you’re paying against what you’re getting.

5. Other considerations

Do you want your money invested ethically? Do you prioritise great customer service or value extras like app access or free insurance? These features can make a big difference in how happy you are with your provider.

Comparing funds takes time and know-how, which is why working with a KiwiSaver adviser like Policywise is so valuable.

Get the right support for your KiwiSaver journey

Policywise makes it easy for you to grow and protect your retirement funds. We provide independent KiwiSaver advice and help you choose funds that maximise your returns and match your long-term goals. 

We also ensure you’re set up with the right insurance cover, so your retirement plans don’t fall apart even if critical illness, injury, disability, or death impacts your personal or family income.

Check out the reviews on our homepage for how other New Zealanders have found our service, because now is the time to get your retirement and insurance plans sorted. Give your family or someone you love the most outstanding financial support possible. Book a 5-minute callback with Policywise today; our service is fast and free.