Pathfinder KiwiSaver review: Compare funds, returns, fees, and more

Pathfinder KiwiSaver: An overview

¹Average annual return since Pathfinder's Conservative, Balanced, and Growth Funds launched in July 2019.

²The High Growth Fund launched in April 2025, so its "since inception" figure covers a much shorter period and isn't directly comparable to the other funds.

³A $27 per year ($2.25 a month) membership fee applies to most members, but it's waived if you're under 18 or your KiwiSaver balance is under $5,000. See the Pathfinder KiwiSaver fees section below for more detail.

Is Pathfinder a good company?

Pathfinder Asset Management was founded in Auckland in 2009 by John Berry and Paul Brownsey. They brought their ethical investing approach to KiwiSaver in July 2019, launching what was originally called CareSaver—now the Pathfinder KiwiSaver Plan.

Pathfinder is a licensed KiwiSaver scheme regulated by the Financial Markets Authority (FMA), with Public Trust acting as an independent supervisor and custodian for member funds.

Who owns Pathfinder Asset Management?

Pathfinder Asset Management Ltd is owned by Alvarium (NZ) Wealth Management Holdings Limited. The Christchurch-based Gough Family Office is Alvarium's largest shareholder.

In April 2025, Rātā Foundation, the South Island's largest community trust, also acquired a 25% stake in Alvarium.

Pathfinder co-founders John Berry and Paul Brownsey remain closely involved with the business, holding shares in Alvarium while serving as its chief executive and chief investment officer, respectively.

Awards and accreditations

Pathfinder was the first fund manager in New Zealand to become a certified B Corporation, meeting independently verified standards for social and environmental performance, accountability, and transparency.

It's also a signatory to the UN Principles for Responsible Investment (UNPRI), from which it has received an A+ rating for strategy and governance.

Pathfinder has been named Best Ethical KiwiSaver Provider by Mindful Money five years running (from 2021 to 2025), is a Transforming Aotearoa New Zealand Awardee from the 21st Sustainable Business Network Awards, and is recognised by RIAA as a Responsible Investment Leader.

Pathfinder's ethical investing approach

Ethical investing sits at the centre of Pathfinder’s practice. Its Ethical Investment Policy takes a two-part approach: first, avoiding harm to people, animals, and the planet; second, actively seeking out companies and projects with a positive impact, such as renewable energy and community housing.

This means Pathfinder limits or avoids investment in fossil fuels, weapons, tobacco, gambling, adult entertainment, factory farming, and animal testing, generally applying revenue thresholds (for example, no more than 5% of a company's revenue from fossil fuels) rather than blanket bans. A dedicated Ethics & Investment Committee reviews any exceptions, which are published in a public register.

These tactics have earned independent recognition: Pathfinder's Conservative, Balanced, and Growth KiwiSaver funds are certified by the Responsible Investment Association Australasia (RIAA), and all four Pathfinder KiwiSaver funds are recognised as Mindful Funds by Mindful Money.

If you'd like to compare Pathfinder against other ethical KiwiSaver providers, read our guide to ethical KiwiSaver fund options.

A review of Pathfinder's KiwiSaver funds

Pathfinder offers four KiwiSaver funds: Conservative, Balanced, Growth, and High Growth. Each holds a different mix of income assets (like cash and bonds) and growth assets (like shares and property), so the right one depends on your goals, age, investment timeframe, and comfort with risk—not just on ethical credentials alone.

If ethical investing is a priority, it's worth knowing that most Pathfinder KiwiSaver funds are RIAA-certified, and all four are already considered Mindful Money funds.

¹A $27 per year ($2.25 a month) membership fee applies to most members, waived if you're under 18 or your balance is under $5,000.

²Other assets include unlisted property, private equity and private loans. Some of the private loans are with entities related to Pathfinder. Currently, the Fund's exposure to these private loans ranges from 0.02% to 0.52% of each fund's net asset value.

³About Mindful Fund

A Mindful Fund is 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.

⁴About RIAA Certificate

RIAA Certification is 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 practices.

Fund performance as of 30 June 2026

Past performance is no guarantee of future return.

Across the board, Pathfinder's funds have delivered solid long-term growth since the KiwiSaver Plan launched in July 2019, though most have trailed their Morningstar benchmark indices slightly over one and three years. The High Growth Fund, launched more recently in April 2025, has posted strong early returns, but it doesn't yet have a three- or five-year track record to assess.

As with any KiwiSaver fund, past performance doesn't guarantee future returns. It's worth reviewing performance over several years rather than focusing on a single strong (or weak) period.

If you're unsure which fund suits your situation, Pathfinder also lets you split your KiwiSaver contributions across more than one.

Pathfinder KiwiSaver fees

Depending on the fund you choose, Pathfinder's annual fees range from 1.20% to 1.35% p.a. On top of this, most members pay a $27 per year ($2.25 a month) membership fee, though this is waived if you're under 18 or your balance is under $5,000.

What you're paying for

• Management fee: Covers the cost of investment management and fund administration, including fees paid to Pathfinder, the supervisor, the custodian, and the administration manager
• External costs: An estimate of costs Pathfinder may incur from investing in its own underlying wholesale funds. These are built into the unit price rather than charged separately
• Performance fees: Pathfinder doesn't charge these on any of its KiwiSaver funds.

Why lower fees don't always mean better value

• Pathfinder is an active, ethical fund manager, and active management generally costs more than passive, index-tracking funds. A lower fee can look appealing, but it's only one part of the picture. It's also worth weighing fees alongside a fund's long-term returns, its investment ethos, and the level of service and advice you receive.

Can you withdraw your Pathfinder KiwiSaver fund?

Like all KiwiSaver schemes, your Pathfinder KiwiSaver Plan savings are generally locked in until you turn 65, or until you meet one of a small number of early withdrawal conditions.

Withdrawing at 65

Once you turn 65, you can access your KiwiSaver savings. You can withdraw a lump sum, leave your money invested and keep growing it, or set up regular periodic payments (weekly or monthly) into your bank account. You can also keep contributing if you'd like to continue saving.

Early withdrawal

In some circumstances, you may be able to access your KiwiSaver savings before 65. These rules apply under KiwiSaver legislation rather than being unique to Pathfinder, and generally cover:

• Buying your first home (after 3+ years of KiwiSaver membership)
• Significant financial hardship
• Serious illness, injury, or disability
• Permanently emigrating overseas.

Can I withdraw my KiwiSaver if I leave New Zealand?

It depends on where you're moving to. If you're moving to Australia, you can't withdraw your KiwiSaver funds; instead, you can leave them with your New Zealand provider or transfer to a complying Australian superannuation scheme.

If you're permanently emigrating, you can generally withdraw your funds one year after you leave, once you provide evidence of your move, or simply leave your account invested with your provider.

For a closer look at how KiwiSaver withdrawals work, see our guide.

Get independent advice before joining or switching to Pathfinder KiwiSaver