Booster KiwiSaver Scheme Review
Published 22 October 2026 · Written by the ValueHub team · Reviewed by Steve Baron
Booster KiwiSaver Scheme Review
Booster runs 17 KiwiSaver funds open to new members, covering a wide spread of risk levels. At 30 June 2026 they held $6.92 billion for 233,725 investors. The funds run from risk level 1 to 5, so which fund you pick matters more than which scheme you are in.
Charges across the open funds run from 0.35 per cent to 1.41 per cent.
Over five years the Socially Responsible High Growth Fund returned 6.75 per cent a year while the Asset Class Conservative Fund returned 1.72 per cent a year, which is the gap between the top and the bottom of what you can choose from.
We have kept this to the facts that decide the outcome: what the scheme contains, what it charges, and what it has returned. Everything below comes from the Government’s register, not marketing material.
How We Researched This Guide
Every number below is read from our own copy of the Government’s Disclose Register, which is the statutory source managers file against. It carries 17 open funds, all reported as at 30 June 2026.
We also checked the rules behind every KiwiSaver account—contribution rates, the government contribution, and default provider appointments—against Inland Revenue and the Ministry of Business, Innovation and Employment.
One thing to know before you read on: the register still lists schemes closed to new members. They are listed separately below. We include them so you can identify a legacy account, not so you can join one.
We are not recommending a move in either direction. The point of the exercise is to put the verified numbers side by side, so the decision rests on figures rather than on a brochure.
The Quick Summary (60-Second Version)
Here is the short version before the detail.
- Booster offers 17 open funds across a single scheme.
- Annual fund charges range from 0.35% to 1.41%.
- The cheapest option is the Default Saver Fund at 0.35 per cent.
- The largest fund by value is the High Growth Fund, with $1.01 billion invested.
- The Socially Responsible High Growth Fund has the strongest five-year record in the range, at 6.75 per cent a year.
- The weakest five-year record is the Asset Class Conservative Fund, at 1.72 per cent a year.
- The funds hold $6.92 billion across 233,725 investors.
- 17 of the open funds don't have a five-year figure yet because they haven't been running that long.
Compare this scheme with every KiwiSaver fund
See how its fees and returns sit against every other fund in the country, side by side in one table.
What You Pay, and What You Get For It
Booster charges an annual fund charge, and its KiwiSaver scheme has no separate membership, contribution, establishment, switching, or termination fees. The charge comes out of the fund’s returns rather than being billed to you, which is why most members never see it leave the account.
| Scheme | Funds | Charge range | Status |
|---|---|---|---|
| Booster KiwiSaver Scheme | 17 | 0.35% to 1.41% | Open |
It helps to see the charge in dollars. On a $50,000 balance, the lowest charge here, 0.35 per cent, is about $175 a year, and the highest, 1.41 per cent, is about $705. On $100,000, those figures double.
What the Charge Costs at Different Balances
Because the charge is a percentage, its cost rises with your balance. Below are the cheapest, dearest, and middling funds at three balances. This much is guaranteed: the fee is charged in a good year and a bad one alike.
| Fund | Charge | On $10,000 | On $50,000 | On $100,000 |
|---|---|---|---|---|
| Default Saver Fund | 0.35% | $35 | $175 | $350 |
| Socially Responsible Balanced Fund | 1.21% | $121 | $605 | $1,210 |
| Geared Growth Fund | 1.41% | $141 | $705 | $1,410 |
What makes a fund charge costly is how often it repeats. It is deducted every year from the whole balance, so the money it removes cannot itself earn a return in later years.
The Kinds of Fund in This Range
The register groups every fund by type, and the type tells you more about the risk than the name does. Booster spans 5 of those groups, which determines how much choice you actually have.
| Type | Funds | Risk | Charge range | What it means |
|---|---|---|---|---|
| Defensive | 1 | 1 | 0.75% | Weighted to cash and bonds, so it is the steadiest option in a range. |
| Conservative | 4 | 2 to 4 | 0.91% to 1.11% | Holds mostly income assets with a small share of shares, and is built for a shorter horizon. |
| Balanced | 4 | 4 | 0.35% to 1.21% | Splits income and growth assets roughly evenly, which is the middle of most ranges. |
| Growth | 2 | 4 | 1.23% to 1.24% | Holds mostly shares and property, so it swings more in the short term and is built for a longer horizon. |
| Aggressive | 6 | 4 to 5 | 1.24% to 1.41% | Holds almost entirely growth assets, which makes it the most volatile option in a range. |
The risk indicator runs from 1 to 7. It measures how much the fund’s value has moved in the past, not how good it is. A 6 or 7 isn't a warning; it means the fund is expected to fall further in a bad year, and it belongs in a portfolio you will not need to touch for a long time.
Booster KiwiSaver Scheme — the funds
| Fund | Type | Risk | Fee | 1yr | 5yr | Fund size |
|---|---|---|---|---|---|---|
| Enhanced Cash Fund | Defensive | 1 | 0.75% | 1.78% | 2.09% | $101m |
| Capital Guaranteed Fund | Conservative | 2 | 0.91% | 3.33% | 2.63% | $96m |
| Moderate Fund | Conservative | 3 | 1.08% | 6.30% | 2.24% | $262m |
| Socially Responsible Moderate Fund | Conservative | 4 | 1.09% | 6.43% | 2.34% | $84m |
| Asset Class Conservative Fund | Conservative | 4 | 1.11% | 6.92% | 1.72% | $25m |
| Default Saver Fund | Balanced | 4 | 0.35% | 11.13% | — | $771m |
| Asset Class Balanced Fund | Balanced | 4 | 1.19% | 12.30% | 3.84% | $23m |
| Balanced Fund | Balanced | 4 | 1.19% | 9.86% | 3.62% | $925m |
| Socially Responsible Balanced Fund | Balanced | 4 | 1.21% | 9.98% | 4.00% | $462m |
| Socially Responsible Growth Fund | Growth | 4 | 1.23% | 12.91% | — | $142m |
| Growth Fund | Growth | 4 | 1.24% | 12.61% | 4.63% | $816m |
| Socially Responsible High Growth Fund | Aggressive | 5 | 1.24% | 16.31% | 6.75% | $1,004m |
| Asset Class Growth Fund | Aggressive | 4 | 1.25% | 18.55% | 6.36% | $163m |
| High Growth Fund | Aggressive | 4 | 1.30% | 15.67% | 5.71% | $1,013m |
| Shielded Growth Fund | Aggressive | 4 | 1.30% | 14.99% | 5.13% | $17m |
| Socially Responsible Geared Growth Fund | Aggressive | 5 | 1.31% | 18.48% | — | $209m |
| Geared Growth Fund | Aggressive | 5 | 1.41% | 18.31% | 6.12% | $808m |
Charges across the open funds run from 0.35 per cent to 1.41 per cent. The strongest five-year figure is the Socially Responsible High Growth Fund at 6.75 per cent a year, and the weakest is the Asset Class Conservative Fund at 1.72 per cent a year.
Conservative Fund in this scheme is closed to new members. If you already hold it, you keep it and pay the charge shown; if you are choosing now, you cannot join it.
What the Funds Actually Hold
Alongside the fees, the register discloses what share of each fund sits in growth assets — shares and property — and what share sits in income assets such as bonds and cash. That split explains more about a fund’s behaviour than its name does, because it is what determines how far it rises and falls.
| Fund | Growth assets | Income assets | Risk |
|---|---|---|---|
| Enhanced Cash Fund | 0% | 100% | 1 |
| Capital Guaranteed Fund | 11% | 89% | 2 |
| Moderate Fund | 44% | 66% | 3 |
| Socially Responsible Moderate Fund | 34% | 66% | 4 |
| Asset Class Conservative Fund | 29% | 71% | 4 |
| Default Saver Fund | 45% | 52% | 4 |
| Asset Class Balanced Fund | 60% | 40% | 4 |
| Balanced Fund | 50% | 50% | 4 |
| Socially Responsible Balanced Fund | 57% | 43% | 4 |
| Socially Responsible Growth Fund | 76% | 24% | 4 |
| Growth Fund | 74% | 26% | 4 |
| Socially Responsible High Growth Fund | 94% | 6% | 5 |
| Asset Class Growth Fund | 90% | 10% | 4 |
| High Growth Fund | 71% | 27% | 4 |
| Shielded Growth Fund | 94% | 6% | 4 |
| Socially Responsible Geared Growth Fund | 98% | 2% | 5 |
| Geared Growth Fund | 98% | 2% | 5 |
The spread runs from 0% growth assets in the Enhanced Cash Fund to 98% in the Geared Growth Fund. The conservative end will scarcely move in a poor year; the aggressive end will fall sharply with share markets and rebound just as sharply. Which suits you depends on when you need the money, not on which has performed better lately.
Reading the Returns
Every return shown is net of the fund charge and after tax — the figure a member actually experiences. Every return shown is net of the fund charge and after tax. The strongest five-year average here is the Socially Responsible High Growth Fund at 6.75 per cent a year, against a range of 1.72 to 6.75 per cent across the open funds.
Compare the columns side by side. One-year figures across these funds span 1.78 to 18.55 per cent, and five-year averages 1.72 to 6.75 per cent. The gap between the two is a reminder that twelve favourable months are not evidence of skill, whereas a five-year record is far harder to produce by accident.
The lesson in that gap is worth carrying into any fund choice: judge on the longest period available, and treat a short history as a reason for caution rather than a virtue.
Below are all the returns the register publishes, fund by fund. Weight the longer columns most heavily — they are the ones a manager cannot produce by luck.
| Fund | 1 year | 3 years | 5 years | 10 years | Since inception |
|---|---|---|---|---|---|
| Enhanced Cash Fund | 1.78% | 2.86% | 2.09% | 1.58% | 1.59% |
| Capital Guaranteed Fund | 3.33% | 3.80% | 2.63% | 1.91% | 2.01% |
| Moderate Fund | 6.30% | 4.46% | 2.24% | 3.54% | 3.82% |
| Socially Responsible Moderate Fund | 6.43% | 4.90% | 2.34% | — | 4.34% |
| Asset Class Conservative Fund | 6.92% | 5.35% | 1.72% | 2.77% | 3.14% |
| Default Saver Fund | 11.13% | 8.27% | — | — | 5.76% |
| Asset Class Balanced Fund | 12.30% | 8.19% | 3.84% | — | 5.06% |
| Balanced Fund | 9.86% | 6.43% | 3.62% | 5.41% | 5.97% |
| Socially Responsible Balanced Fund | 9.98% | 7.14% | 4.00% | 5.84% | 6.56% |
| Socially Responsible Growth Fund | 12.91% | 8.88% | — | — | 7.75% |
| Growth Fund | 12.61% | 7.90% | 4.63% | 6.86% | 7.64% |
| Socially Responsible High Growth Fund | 16.31% | 10.86% | 6.75% | 9.01% | 10.27% |
| Asset Class Growth Fund | 18.55% | 11.40% | 6.36% | 7.21% | 8.38% |
| High Growth Fund | 15.67% | 9.50% | 5.71% | 7.93% | 8.94% |
| Shielded Growth Fund | 14.99% | 9.02% | 5.13% | — | 7.64% |
| Socially Responsible Geared Growth Fund | 18.48% | 12.57% | — | — | 10.71% |
| Geared Growth Fund | 18.31% | 11.23% | 6.12% | 9.79% | 11.04% |
There are 17 open funds in total, and the table above shows the fifteen largest by value. The earlier tables list every fund with its charge and one-year and five-year figures, so you can check any of the rest there.
Three of the open funds here have no five-year figure because they have not been running that long. We show a dash rather than a non-comparable number, so weigh those funds on their fee and strategy instead.
Where Booster Sits Against the Alternatives
On entry cost, Booster is the 12th cheapest of the 29 managers in our KiwiSaver table, with its cheapest fund charging 0.35 per cent. The cheapest manager charges 0.03 per cent and the dearest starts at 4.26 per cent.
| Manager | Charge range | Open funds |
|---|---|---|
| InvestNow | 0.03% to 1.38% | 45 |
| Sharesies | 0.09% to 1.49% | 11 |
| SuperLife | 0.20% to 1.26% | 50 |
| Milford | 0.20% to 1.15% | 6 |
| Kernel | 0.25% to 0.45% | 25 |
| Simplicity | 0.24% | 6 |
Cost is only one side of the ledger. The other is whether the return justifies it, which is what the five-year column is for. Neither number is predictive on its own, and a stretch that suits shares will always make the share-heavy funds look better than they are.
What You Put In, and What You Get Back
What you contribute is a matter of law and your own choice, not of who your provider is. The provider’s influence begins once the money is in, so the fund charge grows in importance as the balance does.
The default employee and employer rate is 3.5 per cent from 1 April 2026, and it rises to 4 per cent on 1 April 2028. On a $70,000 salary, 3.5 per cent is $2,450 a year from you, matched by your employer, so about $4,900 a year goes into the account before any return.
The Government adds 25 cents for every dollar you contribute, up to a maximum of $260.72 a year. To receive the full amount, you must contribute at least $1,042.86 of your own money between 1 July and 30 June, and employer contributions do not count towards that threshold. If your taxable income is above $180,000 a year, you do not qualify.
Once the money is in, the fund charge applies to the whole balance rather than to each contribution. On a $50,000 balance, the lowest charge here, 0.35 per cent, is about $175 a year, and the highest, 1.41 per cent, is about $705. On $100,000, those figures double. That is the number worth weighing against the returns, because it is charged whether the fund rises or falls.
Questions You Might Have
Which fund am I in?
Your KiwiSaver statement, or the online account you use to manage your savings, will show which fund your money is invested in and how it is split if you hold more than one. Check it first, because the fund determines both the return and the charge.
How much will I pay?
Charges across the open funds run from 0.35 per cent to 1.41 per cent. It comes out of the fund’s returns, not your bank account, so you will not see a separate bill.
Is Booster a default provider?
Yes. The appointed default providers are BNZ, Booster, Westpac (through BT Funds Management), Fisher Funds, Simplicity and Smartshares, with appointments running to December 2028. Being a default provider means members who never choose a fund are automatically allocated here.
Can I change funds without changing provider?
Usually yes. Most schemes let you move between their own funds, or set a different split, through your online account at no cost, and the change takes effect without affecting your membership or your employer contributions. You only need to switch provider if the scheme itself is the problem.
Do I have to pick just one fund?
No. With 17 open funds, you can split your balance across several, which lets you take more risk with part of your savings and less with the rest. The trade-off is that you have to keep track of the split yourself.
What happens to a closed fund?
If you already hold a fund that has closed to new members, you keep it and continue to pay the charge shown. Closing a fund stops new money from coming in; it doesn't force existing members out, and it doesn't change your balance.
How much do I need to contribute to get the full government contribution?
You need to contribute at least $1,042.86 of your own money between 1 July and 30 June to receive the maximum $260.72. The government adds 25 cents for every dollar you contribute, and employer contributions don't count toward your $1,042.86. If your taxable income is above $180,000 a year, you do not qualify.
How much will I pay at the default contribution rate?
The default employee and employer rate rose from 3 per cent to 3.5 per cent on 1 April 2026, and it rises again to 4 per cent on 1 April 2028. On a $70,000 salary, 3.5 per cent is $2,450 a year from you, matched by your employer. You can choose 4%, 6%, 8% or 10% instead.
Does switching to or from Booster cost anything?
No. Booster records no membership, contribution, establishment, switching, or termination fees, and switching between KiwiSaver providers doesn't attract a fee in practice. You apply to the new provider, who arranges the transfer.
Why do some funds have no five-year figure?
Because they have not been running for five years. A fund launched in the last few years cannot have a five-year return, so the register leaves it blank rather than showing a figure that would not be comparable. We show the same dash.
What Matters Most
Booster offers a wide range of funds. The fee table above gives the current charge on every fund. The funds are numerous, so you need to choose deliberately.
- The Default Saver Fund is the cheapest way in at 0.35 per cent.
- The Socially Responsible High Growth Fund has the strongest five-year record at 6.75 per cent a year, and it carries the risk that produced it.
- Three funds are too new to have a five-year record, so judge them on strategy and fee rather than past performance.
- Check which fund you are in before anything else, because it decides both the return and the charge.
The ValueHub Team built this site because finding clear, unbiased financial information in New Zealand was harder than it should be. Every guide is based on real research — we compare the actual fees, terms, and fine print so you don't have to. Our tip: shop around every year, read the policy docs, and never assume loyalty gets you the best deal.— The ValueHub Team
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