KiwiSaver Providers List NZ: The Full 2026 List & How to Choose

There are more than 40 KiwiSaver provider entries on the official IRD list and 25 managers tracked by Morningstar. Here is the full 2026 list grouped by style, plus how to shortlist two or three.

If you have ever tried to compare KiwiSaver providers yourself, you will know the problem is not too little choice. It is too much. There are more than 40 KiwiSaver scheme entries on Inland Revenue's official list, and between them they run hundreds of individual funds. Picking one feels less like a decision and more like a maze.

This guide lays out the full 2026 provider landscape, grouped by the style of investing they do, names the actual funds and fees, and then shows you how to cut a long list down to a shortlist of two or three you can actually decide between.

TL;DR: Inland Revenue's official list runs to more than 40 KiwiSaver scheme entries. The Morningstar survey tracks 25 providers that report performance each quarter, and there are exactly six government-appointed default providers. You will never compare them all sensibly — instead, pick a style (low-fee index, active, ethical or bank-owned), then shortlist on fees, fund returns and service.

How many KiwiSaver providers are there in NZ?

It depends slightly on how you count, which is why the number you see online ranges from "about 20" to "more than 40".

• Inland Revenue publishes the full official list of KiwiSaver scheme providers — more than 40 distinct entries, running from AE/Amova and ANZ through to Simplicity, Smartshares and Summer. Default providers are flagged with an asterisk on that page.²
• Morningstar's quarterly KiwiSaver Survey tracks 25 providers as at the December 2025 quarter — the larger, retail-facing managers that report performance data each quarter.¹
• There are six government-appointed default providers for the current default term.³

So the honest answer to "how many KiwiSaver providers are there?" is more than 40 scheme entries in total, with 25 actively reporting performance each quarter. KiwiSaver itself is enormous: Morningstar put total assets near NZD 145 billion at the end of the December 2025 quarter,¹ and the FMA's most recent annual report counted 3,385,856 members holding NZD 123.1 billion as at 31 March 2025, with an average balance of NZD 36,349.⁴

A common reason people stay in the wrong fund is not bad performance — it is that the list looks too long to work through. The sections below shorten it.

The six default providers

If you joined KiwiSaver through a job and never picked a fund, you were allocated to one of the six government-appointed default providers. The current default arrangements run for a seven-year term to 1 December 2028, and the appointed providers are:³

• BNZ
• Booster
• BT Funds (Westpac)
• Fisher Funds
• Simplicity
• Smartshares (NZX)

Default funds run a low-cost balanced mandate and exclude some weapons and fossil-fuel-intensive investments.³ They are deliberately middle-of-the-road — fine as a holding pen, rarely the best fit for life. A large share of new members each year still land in a default fund by allocation rather than choice,⁴ which means a huge number of Kiwis are sitting in a balanced fund by accident rather than by design.

A balanced default is often too conservative for someone in their 20s or 30s with decades until retirement. Being defaulted into balanced when growth would have suited you better can be a costly mismatch over the long run.

NZ KiwiSaver providers grouped by style

Rather than reading dozens of product disclosure statements, it helps to sort providers into four broad camps. Here is the 2026 landscape at a glance.

Sources: IRD provider list; Morningstar KiwiSaver Survey, December quarter 2025; provider PDS / fee pages. Always confirm the current figure against the live product disclosure statement or Sorted's Smart Investor before deciding. Several other providers — including ASB, BNZ, Westpac (BT Funds), Booster and CareSaver — run full ranges; check each flagship fund's fee directly on its current PDS.

Low-fee index providers: Simplicity, Kernel, InvestNow

These providers track markets rather than trying to beat them, and they pass the saving on as lower fees. Over a 30-year horizon, fees compound just like returns do — so this camp matters more than people think.

• Simplicity is a not-for-profit that returns profits to a charitable foundation. Its Growth Fund charges 0.24% p.a. with no annual membership fee.¹⁰
• Kernel launched its KiwiSaver plan in 2022 and runs a clean index range; its High Growth Fund charges 0.25% p.a. with no membership fee.¹⁰
• InvestNow is a DIY platform whose Foundation Series US 500 Fund charges just 0.03% p.a. with no admin or membership fee (a 0.50% buy/sell spread applies on contributions and withdrawals) — among the lowest fees in all of KiwiSaver.¹¹ It tracks the S&P 500 via a Vanguard ETF held in an NZ PIE.

Active managers: Milford, Generate, Fisher Funds

Active managers charge more in exchange for trying to outperform the index — and a few have genuinely delivered over the long run.

• Milford is the standout for long-term Morningstar results. Its Active Growth Fund charges 1.05% p.a. plus a 0.15% performance fee (only when results are achieved), with no membership fee.¹²
• Generate runs a popular growth-focused range; its Growth Fund charges around 1.09% p.a. on Morningstar-based comparisons.¹³
• Fisher Funds is both an active manager and a default provider. Across its KiwiSaver Plan (as at 28 Feb 2026) the Growth Fund charges 1.20% p.a., with the range running from 0.37% (Default) up to 1.23% (Aggressive).¹²

The trade-off is simple: you are paying roughly 1% more per year than an index fund for the chance of beating the market. Some managers earn it; many do not. That is exactly the kind of question worth checking against our KiwiSaver fund comparison.

Ethical-focused providers: Pathfinder, CareSaver, Booster

If you want your money screened against fossil fuels, weapons or other exclusions beyond the default baseline, these providers build that in.

• Pathfinder is a dedicated ethical manager. Its Growth Fund charges 1.29% p.a. plus a $27 annual membership fee,¹⁴ with a more conservative option charged at a lower rate — confirm the exact figure on its current PDS.
• CareSaver is values-led and donates a share of fees to charity — confirm current fees on its PDS or Smart Investor.
• Booster runs a strong socially-responsible (SRI) range alongside its mainstream and default funds; it is also one of the six default providers.³

"Ethical" is not a single standard — every provider draws its own exclusion lines. Read the actual screening policy, not just the marketing.

Bank-owned schemes: ANZ, ASB, BNZ, Westpac

The banks were KiwiSaver's original heavyweights and still hold large member numbers, largely through convenience.

• ANZ runs the country's largest scheme. Its KiwiSaver High Growth Fund carries a 0.98% all-in annual fund charge (covering both management and administration in one figure).¹⁵ For reference, the OneAnswer KiwiSaver Growth fund returned 17.71% over the year to 31 May 2026.¹⁵
• ASB, BNZ and Westpac all run full multi-fund ranges. BNZ and Westpac (via BT Funds) are also default providers.³ Confirm each flagship growth fund's fee on its current PDS — bank fees vary more than people assume.

The convenience of having KiwiSaver "with your bank" is real, but it is rarely a reason to stay if the fees or fund design do not stack up against the index camp.

How to narrow the list to a shortlist of two or three

You do not compare 40-plus providers. You compare two or three within one style. Here is the order that works:

1. Pick your fund type first, not your provider. Time horizon drives this. Decades until retirement or a first-home deposit? Growth or high-growth. Buying or retiring within a few years? Conservative or balanced. The fund type matters far more than the brand on the statement.

2. Choose your camp. Low-fee index, active, ethical or bank-owned — pick the philosophy you actually believe in. This alone cuts the field down to three or four.

3. Compare like-for-like fees. Within a camp, fees are the most reliable predictor of long-term outcomes. A growth fund at 0.25% versus 1.20% is a real difference over 30 years.

4. Then — and only then — look at returns, over 5 and 10 years, not last quarter. Morningstar and Sorted's Smart Investor report these consistently.

5. Check the housekeeping that quietly costs you money: your PIR and your contribution rate.

On PIR — being on the wrong Prescribed Investor Rate is a common error. The rates are 10.5%, 17.5% and 28%, set by your combined income:⁸

PIR thresholds effective 1 April 2025.⁸

On contributions, the default rate is 3%, rising to 3.5% from 1 April 2026 and 4% from 1 April 2028 under Budget 2025.⁷ And do not leave the government top-up on the table: from 1 July 2025 it is 25c for every $1 you contribute, capped at NZD 260.72 a year, which means you need to put in at least NZD 1,042.86 of your own money between 1 July and 30 June.⁵ Note the new NZD 180,000 income cap — earn above that and you are no longer eligible.⁶

It is common to reach 30 June $200–$300 short of the full government contribution without realising it, often because pay dipped below the contribution threshold for a few months. A top-up before 30 June closes the gap.

Not sure which camp you are in, or whether your current fund still fits? The free KiwiSaver Health Check shows where you stand in about five minutes, or you can talk it through in a free KiwiSaver review. Smiths holds no in-house product and compares across every major NZ provider.

Your provider-shortlist checklist

Work through these in order and you will land on a shortlist of two or three without reading a single full PDS:

1. Fund type chosen by time horizon — growth/high-growth for long horizons, conservative/balanced for short ones.

2. Camp chosen by philosophy — index, active, ethical or bank-owned.

3. Fees compared like-for-like within that camp (the table above is your starting point).

4. 5- and 10-year returns checked on Morningstar or Smart Investor — never last quarter alone.

5. PIR confirmed against the thresholds above so you are not overpaying tax.⁸

6. Contribution rate set to capture the full government top-up and the rising 3.5% minimum.⁵⁷

7. One annual review booked so the choice stays right as your life changes.

Frequently asked questions

How many KiwiSaver providers are there in NZ in 2026? Inland Revenue's official list contains more than 40 distinct scheme entries.² Morningstar's quarterly survey tracks 25 providers that report performance as at the December 2025 quarter,¹ and there are exactly six government-appointed default providers.³

Who are the six default KiwiSaver providers? For the current default term, which runs to 1 December 2028, they are BNZ, Booster, BT Funds (Westpac), Fisher Funds, Simplicity and Smartshares (NZX). Default funds run a low-cost balanced mandate and exclude some weapons and fossil-fuel-intensive investments.³

Which KiwiSaver provider has the lowest fees? Among index providers, InvestNow's Foundation Series US 500 Fund charges just 0.03% p.a. (with a 0.50% buy/sell spread),¹¹ while Simplicity's Growth Fund is 0.24% and Kernel's High Growth is 0.25%, both with no membership fee.¹⁰ Active and ethical funds typically charge around 1.0%–1.3%.¹²¹⁴

Are active managers like Milford worth the higher fee? Sometimes. Milford's Active Growth Fund charges 1.05% p.a. plus a 0.15% performance fee¹² — roughly 1% more than an index fund — in exchange for trying to beat the market. Milford has strong long-term Morningstar results; many active funds do not justify the premium. Check 5- and 10-year returns net of fees before deciding.

Can I switch KiwiSaver provider, and does it cost anything? Yes. You can switch provider at any time, you can only be in one scheme at a time, and there is no government fee to switch. Your balance transfers across. A KiwiSaver review confirms whether switching actually improves your position first.

What PIR should I be on? The rate is set by your combined income: 10.5% if taxable income is $15,600 or less and combined income is $53,500 or less; 17.5% up to combined $78,100; and 28% at $78,101 or more.⁸ Being on the wrong PIR is a common KiwiSaver tax error.

General information, not personalised financial advice. Seek advice tailored to your situation before acting. Craig Smith Business Services Ltd (FSP712931), trading as Smiths Financial, holds a Class 2 licence issued by the Financial Markets Authority and is a member of the Financial Dispute Resolution Service (FDRS). Written by Henry Smith, Financial Adviser; reviewed by Craig Smith, Principal Adviser. Last reviewed 16 June 2026.