Is Milford an excellent KiwiSaver provider?
Milford Asset Management was founded in New Zealand in 2003 and is now one of the country's largest fund managers, with over 200,000 clients across KiwiSaver and its other investment funds.
Milford is majority-New Zealand-owned, and its investment staff invest their own money alongside clients in the same funds—a structure intended to keep the team's interests aligned with investors.
Milford's excellent KiwiSaver track record has been recognised by several independent bodies:
- Consumer People's Choice award for the Milford KiwiSaver Plan 2026 (nine years running)
- INFINZ Diversified Growth Fund Manager of the Year Award (2026)
- Canstar's KiwiSaver Provider of the Year 2025 (six years running)
- Canstar’s Outstanding Value—KiwiSaver Awards 2025 (six years running)
- Reader’s Digest Quality Service Award for Specialist KiwiSaver Provider—Gold Winner 2025 (two years running)
- Morningstar's Fund Manager of the Year: KiwiSaver (2023).
Milford KiwiSaver scheme funds explained
Milford offers six KiwiSaver funds, ranging from a low-risk Cash Fund through to a high-risk Aggressive Fund, so there's an option to suit most risk profiles.
Five of Milford's six KiwiSaver funds (all except the Cash Fund) have been certified by the Responsible Investment Association Australasia (RIAA).
Certifications and Mindful Money ratings can change, so check the current status directly via the RIAA and Mindful Money websites.
We've covered Milford's responsible investing approach in more detail in an article on ethical KiwiSaver options.
The right fund for you depends on your goals (first home vs retirement), age, investment timeframe, and comfort with risk (and potential short-term losses). Here’s a summary of each fund’s objectives:
Milford KiwiSaver Cash Fund
Aims to deliver a return above the Official Cash Rate, investing mainly in New Zealand cash, short-dated debt securities, and term deposits. It's Milford's lowest-risk KiwiSaver fund, with no set minimum investment timeframe, and can suit members who need their money in the short term (for example, close to a first home purchase).
Milford KiwiSaver Conservative Fund
Provides moderate returns and capital protection over a minimum recommended timeframe of three years. Invests mainly in fixed interest securities, with a moderate allocation to equities, so it can still experience short-term negative returns.
Milford KiwiSaver Moderate Fund
Moderate returns and capital growth over a minimum recommended timeframe of four years or more, with a target mix of roughly 60% income assets and 40% growth assets.
Milford KiwiSaver Balanced Fund
Aims to provide capital growth over a minimum recommended timeframe of five years, with a more even mix of growth (equities) and income (fixed interest) assets than the Conservative or Moderate funds.
Milford KiwiSaver Active Growth Fund
Milford's flagship, best-known KiwiSaver fund targets an annual return of 10% (after the base fund fee but before tax) over a minimum recommended timeframe of seven years, investing mainly in equities with a moderate allocation to fixed interest. RIAA-certified and ranked first of 17 growth funds for 10-year returns in the March 2026 Morningstar KiwiSaver 360 Survey.
Milford KiwiSaver Aggressive Fund
Milford's highest-risk KiwiSaver option, aiming to maximise capital growth over a minimum recommended timeframe of ten years. It invests mainly in international equities, with a moderate allocation to Australasian equities, and can suit members with a long time horizon and higher tolerance for short-term volatility.
Fund snapshot
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KiwiSaver Cash Fund
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KiwiSaver Conservative Fund
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KiwiSaver Moderate Fund
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KiwiSaver Balanced Fund
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KiwiSaver Active Growth Fund
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KiwiSaver Aggressive Fund
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|
Risk profile
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1
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3
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3
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4
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4
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5
|
|
Minimum investment timeframe
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N/A
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3 years +
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4 years +
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5 years +
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7 years +
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10 years +
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|
Fund asset allocation
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0% growth, 100% income
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18% growth, 82% income
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40% growth, 60% income
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61% growth, 39% income
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78% growth, 22% income
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95% growth, 5% income
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|
Estimated base fund fee + performance fee*
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0.20%
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0.85%
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0.95%
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1.05%
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1.05% + 15% of the Fund's returns above the
Benchmark
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1.15%
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|
RIAA-certified?**
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✘
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✔
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✔
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✔
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✔
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✔
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1Past performance is not a reliable indicator of future performance.
2About RIAA Certificate: An independent standard that confirms a fund’s responsible investment claims are genuine and transparent. Certified products must formally and consistently integrate environmental, social, and governance (ESG) factors, avoid significant harm, and be managed by active stewards through engagement and voting. They are also required to provide clear, honest disclosure of holdings and responsible investment practice.
Over the five years to 30 June 2026, Milford's KiwiSaver Cash Fund returned 3.67% p.a. after fees, against a benchmark of 3.44% p.a. Returns for Milford's five other KiwiSaver funds have fluctuated with markets and are best checked on Milford's own performance page, since they're updated regularly and vary by fund and time period. As with all investments, past performance is not a reliable indicator of how a fund will perform in future.
Milford KiwiSaver fees
Annual fund charges range from around 0.20% (KiwiSaver Cash Fund) up to roughly 1.3% for Milford's more actively managed, growth-oriented funds, and some funds also carry an additional performance fee when they beat their benchmark. Milford removed its flat member fee for KiwiSaver Plan members from 1 July 2021, and there are no entry, exit, or fund-switching fees.
Management fees
- Cover the cost of Milford's investment team researching, selecting, and actively managing your money
- Vary by fund—generally lowest for the Cash Fund and highest for the more actively managed growth and aggressive-style funds
- Some funds (like Active Growth) can also carry a performance fee, charged only when the fund beats its benchmark, and typically subject to a high-water mark so you're not charged twice for the same gains
- No separate entry fee, exit fee, or fee for switching between Milford's own funds
- Exact fees are reviewed periodically – always check Milford's current Fees page or the latest Fund Update before investing.
Why fees matter
Fees are deducted before you see your return, so they compound in the same way your returns do. A fund charging even 0.5–1% more each year can leave you tens of thousands of dollars worse off by retirement, especially over a 20–30 year KiwiSaver journey.
Why fees shouldn't be the only deciding factor
A lower fee doesn't automatically mean a better outcome. What matters most is your net return after fees, and whether the fund's risk profile, investment approach, and timeframe genuinely suit your goals. A slightly higher-fee fund that consistently delivers stronger after-fee returns can leave you better off than a cheaper one that doesn't. A KiwiSaver adviser can help you understand how this works.
What you should know about fee rebates
If you invest through a Financial Advice Provider and pay an Ongoing Advice and Administration Fee, Milford contributes towards that cost with a monthly rebate. You'll receive 0.20% per annum on any fund other than the Cash Fund, or 0.05% per annum on the Cash Fund, credited to your account each month.
This only applies if you're still a Milford KiwiSaver Plan member on the last day of that month and your Ongoing Advice and Administration Fee has been paid for it.
Can you withdraw your Milford KiwiSaver fund?
Yes–the same withdrawal rules apply to Milford as to every other KiwiSaver provider in New Zealand, since these are set by KiwiSaver legislation.
- Retirement: from age 65, you can withdraw your balance as a lump sum, set up regular withdrawals, or simply leave your money invested and keep contributing. Milford's client portal includes a 'Spend My KiwiSaver' tool to help work out a sustainable withdrawal amount
- First home withdrawal: generally available once you've been a KiwiSaver member for at least three years, provided you haven't made a first home withdrawal before and intend to live in the home you're buying (or building)
- Significant financial hardship: an early withdrawal may be available if you're suffering, or likely to suffer, significant financial hardship. Eligibility and the amount you can withdraw are assessed by the scheme's independent supervisor, based on the criteria set out in the KiwiSaver Act.
Read more in our full guide to KiwiSaver withdrawal rules.
Get independent advice before joining or switching to Milford KiwiSaver
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.
