Is Generate a good KiwiSaver provider?
Generate is a New Zealand-owned and operated fund manager, established in 2012 and running KiwiSaver funds since 2013. It's grown from a three-fund challenger into one of the larger non-bank KiwiSaver providers, now looking after savings for more than 190,000 members.
- Ownership and structure: Generate is privately owned and independently operated in New Zealand. Crown entity Public Trust acts as supervisor and custodian, holding members' KiwiSaver assets separately from Generate.
- Track record: Generate is an active fund manager, meaning its investment team makes ongoing decisions about what to buy and sell, rather than tracking a market index. Its original three funds (Moderate, Growth, and Focused Growth) have regularly ranked near the top of their categories in Morningstar's independent quarterly KiwiSaver survey.
Awards and recognition
- Consumer NZ People's Choice Award for KiwiSaver: won in 2020, 2022, 2023, 2024, 2025, and again in 2026, based on independent customer satisfaction surveys. In 2026, Generate scored 90% member satisfaction, well ahead of the industry average of 62%
- Reader's Digest Quality Service Award (2026) and Trusted Brand Award (2025, Highly Commended) for KiwiSaver
- Mindful Money's Best Ethical KiwiSaver Provider award (2025, Highly Commended).
Over 90% of Generate's members joined through a financial adviser, reflecting its adviser-led service model rather than a self-service approach.
Generate KiwiSaver scheme funds explained
Generate offers nine KiwiSaver funds, comprising six diversified, multi-asset funds: CashPlus, Conservative, Moderate, Balanced, Growth, and Focused Growth, and three single-sector funds launched more recently: Australasian, Thematic, and Global.
- CashPlus (formerly Defensive) is the lowest-risk option, holding no growth assets, and geared for 100% cash and short-term deposits. Suits short timeframes or money you might need soon, and carries the lowest fee.
- Conservative targets around 20% growth assets, for a two-year-plus timeframe, aiming for modest, steadier returns with less volatility than higher-growth funds.
- Moderate sits close to the middle, at roughly 40% growth assets. It's one of Generate's three original funds (launched 2013) and has ranked consistently near the top of its Morningstar category for 10-year returns.
- Balanced steps up to around 60% growth assets, suited to a five-year-plus timeframe, balancing growth potential against short-term ups and downs.
- Growth allocates roughly 80% to growth assets. Also one of the three original 2013 funds, it's built for longer timeframes (7+ years) and has a strong long-term Morningstar track record.
- Focused Growth is Generate's most aggressive diversified fund (around 95% growth assets), the third of the original 2013 trio, and consistently ranked at or near the top of its category for 10-year performance.
- Australasian, Thematic, and Global are newer single-sector funds (launched April 2025), each holding around 98% growth assets. Allows members who want more control to tilt their portfolio toward a specific region (Australasian) or investment theme (Thematic and Global), rather than using one of the ready-made diversified funds.
Members can split their savings across multiple funds for a custom mix, or use Stepping Stones or Stepping Stones Growth - Generate's two age-based lifecycle options - to have the mix adjusted automatically over time.
All nine funds are recognised as Mindful Funds by Mindful Money, reflecting Generate's responsible-investment screening across its whole fund range. Generate applies negative screening to exclude several harmful industries and has been a signatory to the UN Principles for Responsible Investment since 2018.
We've covered this in more depth, including RIAA-certified alternatives, in our guide to ethical KiwiSaver funds. Generate's Mindful Fund status isn't the same as RIAA certification, so read this guide if responsible investing is a priority.
Generate KiwiSaver fund comparison
| |
CashPlus
|
Conservative
|
Moderate
|
Balanced
|
Growth
|
Focused Growth
|
Australasian
|
Thematic
|
Global
|
|
Risk indicator
|
1
|
3
|
3
|
4
|
4
|
5
|
5
|
5
|
5
|
|
Average annual returns over past 3 years, after fees and taxes*
|
3.76%
|
4.73%
|
6.20%
|
7.96%
|
10.20%
|
12.54%
|
No 3-year data yet
|
No 3-year data yet
|
No
3-year data yet
|
|
Minimum investment timeframe
|
N/A
|
2 years
|
3 years
|
5 years
|
7 years
|
8 years
|
10 years
|
10 years
|
10 years
|
|
Fund asset allocation
|
100% income, 0% growth
|
80% income, 20% growth
|
60% income, 40% growth
|
40% income, 60% growth
|
20% income, 80% growth
|
5% income, 95% growth
|
2% income, 98% growth
|
2% income, 98% growth
|
2% income, 98% growth
|
|
Estimated annual fund charge + annual admin fee**
|
0.4% + $36
|
1.08% + $36
|
1.13% + $36
|
1.22% + $36
|
1.23% + $36
|
1.25% + $36
|
1.19% + $36
|
1.18% + $36
|
1.18% + $36
|
|
Mindful Fund?***
|
✔
|
✔
|
✔
|
✔
|
✔
|
✔
|
✔
|
✔
|
✔
|
|
Who it’s best for
|
People who need their money soon or want to protect what they've already saved
|
Cautious investors with a shorter timeframe
|
People who want some growth exposure but safety during market dips
|
Investors with a medium-to-long timeframe
|
Long-term savers who are years away from retirement
|
Younger members or anyone prioritising maximum long-term growth
|
Investors who already understand their overall portfolio and want to tilt part of it toward a specific region or theme
|
1Source: Mindful Money
2Fees are waived for members under 18 years old.
3About Mindful Fund: An investment fund independently assessed by Mindful Money to meet higher standards for ethical investing and reduce greenwashing. Mindful Funds must show clear evidence that they avoid harmful investments, engage with companies to improve social and environmental outcomes, and/or deliver positive impact, based on actual holdings and real-world actions.
Fund performance as of 30 June 2026
| |
1 year
|
3 years (p.a.)
|
5 years (p.a.)
|
10 years (p.a.)
|
Since inception (p.a.)
|
|
CashPlus
|
3%
|
5.4%
|
—
|
—
|
4.27%
|
|
Conservative
|
6.56%
|
7.44%
|
—
|
—
|
6.1%
|
|
Moderate
|
8.89%
|
9.06%
|
5.22%
|
5.72%
|
5.97%
|
|
Balanced
|
11.61%
|
10.86%
|
—
|
—
|
9.69%
|
|
Growth
|
13.65%
|
12.96%
|
7.35%
|
9.55%
|
9.35%
|
|
Focused Growth
|
16.5%
|
15.4%
|
8.55%
|
11.06%
|
10.38%
|
|
Australasian
|
5.2%
|
—
|
—
|
—
|
9.71%
|
|
Thematic
|
24.2%
|
—
|
—
|
—
|
33.59%
|
|
Global
|
21.33%
|
—
|
—
|
—
|
32.47%
|
Source: Generate KiwiSaver Scheme performance
Past performance is no guarantee of how a fund will perform in future, and different return periods aren't always directly comparable.
This is especially true for CashPlus Fund (previously the Defensive Fund), whose target asset mix changed in May 2025 from 25% cash and 75% fixed income to 100% cash and cash equivalents, meaning its future returns are likely to look quite different from past ones.
All figures shown are after fees but before tax, and reflect Generate's 10-year returns as at 30 June 2026. Five and 10-year figures aren't yet available for the CashPlus, Conservative, and Balanced Funds, since these only launched in May 2022. Three, five, and 10-year figures aren't yet available for the Australasian, Thematic, and Global Funds, which launched in April 2025.
Stepping Stones and Stepping Stones Growth
Choosing between nine funds can feel overwhelming; Generate's two Stepping Stones options do the fund selection for you:
- Stepping Stones automatically invests your KiwiSaver savings across Generate's funds based on your age, gradually reducing risk as you get closer to retirement.
|
Age
|
Conservative
|
Moderate
|
Balanced
|
Growth
|
Focused Growth
|
Risk Indicator
|
Annual Fund Charges*
|
|
0-35
|
— |
— |
— |
— |
100%
|
5
|
1.33%
|
|
36-45
|
— |
— |
— |
100%
|
— |
4
|
1.30%
|
|
46-55
|
— |
— |
100%
|
— |
— |
4
|
1.26%
|
|
56-60
|
— |
50%
|
50%
|
— |
— |
4
|
1.20%
|
|
60-64
|
— |
100%
|
— |
— |
— |
4
|
1.14%
|
|
65-75
|
50%
|
50%
|
— |
— |
— |
3
|
1.12%
|
|
76+
|
100%
|
— |
— |
— |
— |
3
|
1.09%
|
Source: Generate
* Plus administration fee of $36 every year.
- Stepping Stones Growth works the same way, but keeps a higher proportion of your savings in growth assets for longer, aiming for higher long-term returns at the cost of short-term ups and downs.
|
Age
|
Conservative
|
Moderate
|
Balanced
|
Growth
|
Focused Growth
|
Risk Indicator
|
Annual Fund Charges*
|
|
0-50
|
— |
— |
— |
— |
100%
|
5
|
1.33%
|
|
51-55
|
— |
— |
— |
100%
|
— |
4
|
1.30%
|
|
56-60
|
— |
— |
100%
|
— |
— |
4
|
1.26%
|
|
61-75
|
— |
100%
|
— |
— |
— |
4
|
1.14%
|
|
76+
|
100%
|
— |
— |
— |
— |
3
|
1.09%
|
Source: Generate
* Plus administration fee of $36 every year.
Generate KiwiSaver fees
Depending on the fund, Generate's estimated annual fund charges range from 0.4% (CashPlus) to 1.25% (Focused Growth). On top of this, most members pay a $36/year ($3/month) membership fee. This is waived for members under 18.
- Management fee: charged as a percentage of your balance, and varies by fund. Riskier, growth-oriented funds generally carry higher fees than defensive ones, partly reflecting the extra research and active decision-making involved.
- Membership fee: a flat $36 per year, deducted regardless of your balance or which fund you're in (except for members under 18).
- Fee reductions: Generate lowered fees across most of its funds from December 2025 and removed the membership fee entirely for members under 18.
- No entry or exit fees: switching between Generate funds is free, and there are currently no joining or exit fees.
Why fees shouldn't be your only comparison
Fees matter, but they're only one part of the picture. A fund with a higher fee that consistently delivers stronger net returns can leave you better off than a cheaper fund with weaker performance.
The type of fund you choose—how much is invested in growth assets versus cash and bonds—usually has a far bigger effect on your final balance than small fee differences between providers.
We recommend comparing net returns after fees, not fees in isolation. A Policywise adviser can help you weigh up Generate's fees and performance against other KiwiSaver providers, at no cost to you.
Can you withdraw your Generate KiwiSaver fund?
Yes, but only in specific circumstances—the same rules that apply to every KiwiSaver provider in New Zealand, not just Generate.
At retirement
Once you reach NZ Superannuation age (currently 65) and have been a KiwiSaver member for at least five years, you can access your savings. You can choose to:
- withdraw everything as a lump sum and close your account
- set up regular withdrawals (weekly, fortnightly, monthly, quarterly, or yearly) to top up your retirement income
- leave your money invested and continue withdrawing lump sums as needed.
Early withdrawal
In limited instances, you may be able to access some or all of your KiwiSaver savings before retirement age, including:
- Buying your first home, once you've been a KiwiSaver member for at least three years (a minimum of $1,000 must stay in your account)
- Significant financial hardship, if you can't meet minimum living costs or essential bills
- Permanently emigrating to a country other than Australia, after living there for at least 12 months
- Serious illness or a life-shortening congenital condition.
These withdrawal categories are set out in KiwiSaver legislation and apply across the whole industry. If you're thinking about a first-home withdrawal, our KiwiSaver withdrawal guide covers the eligibility rules and process in more detail.
Get expert help comparing Generate KiwiSaver with other funds and providers
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 make sure 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.
