News · the canonical feed
What's changed in NZ KiwiSaver.
Quarterly Sorted refreshes, FMA notices, fee changes, and provider news. collected so you don't have to track 37 different newsrooms.
- Sorted refresh
Q1 2026 KiwiSaver data. Milford Active Growth keeps the 10-yr crown at 9.8%
Morningstar's Q1 2026 KiwiSaver 360 survey is out. Milford Active Growth retains the highest 10-year annualised return in the Growth band at 9.8%/yr. Booster Socially Responsible High Growth holds the top spot in the Aggressive band at 9.8%/yr, with Generate Focused Growth right behind at 9.5%/yr. We've refreshed every fund detail page with the new data. fees, returns, asset allocations all current as of 31 March 2026.
Read Morningstar's full Q1 2026 survey - Government
Default KiwiSaver provider review. what's coming in 2026
The government reviews the default KiwiSaver provider list every few years. The current cohort (BNZ, Booster, BT Funds, Kiwi Wealth, Simplicity, Smartshares) was set in 2021. The next review is expected in 2026. If your provider loses default status, your balance gets transferred to a new default unless you actively pick a non-default scheme. Worth knowing. but not worth panicking over.
- Industry
FSC State of the Sector 2026. 70% of Kiwis under-insured
The Financial Services Council's annual State of the Sector report finds roughly 70% of NZ adults are under-insured for life and health. Only 35% of NZ adults hold any life cover at all. We've added a one-page insurance audit option to the Smiths Health Check for clients who want both KiwiSaver and insurance reviewed together.
FSC. State of the Sector 2026 - FMA
FMA addresses AI in financial services
The Financial Markets Authority delivered guidance on AI use in financial advice and KiwiSaver scheme administration. The position: AI is welcome where it improves member outcomes and disclosure, but FAP-licensed advisers remain accountable for the advice given regardless of which tools produced it. Smiths supports this stance. automation should expand access to advice, not replace adviser accountability.
FMA. AI and the future of financial services - Fee change
Kernel maintains 0.25% management fee across core funds
Kernel KiwiSaver continues to charge 0.25% management fee on its core diversified funds (excluding the thematic Clean Energy fund at 0.45%). No member or account fees apply. This puts Kernel among the lowest-fee KiwiSaver options in NZ alongside Simplicity (0.24%).
Kernel. KiwiSaver fees - Industry
Trail commission on KiwiSaver under industry scrutiny
RNZ and others have raised the question of whether KiwiSaver trail commissions to advisers. typically 0.20% to 0.50% of FUM/yr. should continue. Australia banned super commissions in 2013. Smiths discloses every commission relationship transparently and supports a regulator-led conversation on whether the model still serves NZ members.
RNZ. Should you be paying commission on your KiwiSaver? - Government
Budget 2025. KiwiSaver settings changes
Budget 2025 introduced changes to KiwiSaver settings, including adjustments to government contribution thresholds. Most members shouldn't see changes to their day-to-day, but the lifetime impact for younger contributors is meaningful. Smiths is reviewing the changes for affected clients.
Treasury. KiwiSaver Budget 2025 fact sheet
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