Fisher Funds KiwiSaver Scheme Review
Published 19 October 2026 · Written by the ValueHub team · Reviewed by Steve Baron
Fisher Funds KiwiSaver Scheme Review
Fisher Funds runs 12 KiwiSaver funds open to new members, covering a moderate spread of risk levels. At 30 June 2026 they held $13.11 billion for 387,815 investors.
Charges across the open funds run from 0.36 per cent to 1.23 per cent.
Over five years the Growth Fund returned 4.27 per cent a year while the Conservative Fund returned 2.45 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 rather than from 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 twelve open funds, all reported as at 30 June 2026.
We also checked the rules that underpin 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 worth knowing before you read on: the register still carries schemes that are 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.
This guide is not here to tell you to switch or to stay. What it does is put the verified numbers in one place so you can compare on facts rather than marketing.
ValueHub's Trusted Providers
We've researched the providers below — here are our picks for this category.
Simplicity is a nonprofit KiwiSaver and investment fund manager charging 0.25% p.a. across all six KiwiSaver funds. 100% owned by the Simplicity Foundation, a registered charity. Over 190,000 members. Seven rounds of fee cuts since launch in 2016. 15% of management fees are donated to NZ charities. Founded by Sam Stubbs (ex-Tower Investments CEO, Goldman Sachs).
The Quick Summary (60-Second Version)
Here is the short version before the detail.
- Fisher Funds offers twelve open funds across a single scheme.
- Annual fund charges range from 0.36 per cent to 1.23 per cent.
- The cheapest option is the Default Fund at 0.36 per cent.
- The largest fund by value is the Growth Fund, with $4.40 billion invested.
- The strongest five-year record in the range belongs to the Growth Fund, at 4.27 per cent a year.
- The weakest five-year record is the Conservative Fund, at 2.45 per cent a year.
- The funds hold $13.11 billion in total across 387,815 investors.
- Only a handful of the open funds have a full five-year figure; the rest are too new to have one, and we show a dash rather than an invented number.
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
Fisher Funds charges an annual fund charge, and there are no separate membership, contribution, establishment, switching or termination fees recorded for its KiwiSaver scheme. 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 |
|---|---|---|---|
| Fisher Funds KiwiSaver Plan | 12 | 0.36% to 1.23% | Open |
| Fisher Funds Kiwisaver Scheme | 7 | 0.92% to 1.09% | Closed |
Percentages hide the real cost, so here it is in dollars. On a $50,000 balance, the lowest charge here, 0.36 per cent, is about $180 a year, and the highest, 1.23 per cent, is about $615. On $100,000, those figures double. Double the balance, and you double both.
What the Charge Costs at Different Balances
A fund charge is a percentage of your balance, so the dollar figure moves as your savings grow. The table below takes the cheapest fund, the dearest fund and a middle one from the range, and shows what each charges on three balances. This is the certain part of the equation: the fee is charged whether the fund rises or falls.
| Fund | Charge | On $10,000 | On $50,000 | On $100,000 |
|---|---|---|---|---|
| Default Fund | 0.36% | $36 | $180 | $360 |
| Balanced Fund | 1.11% | $111 | $555 | $1,110 |
| Growth Fund | 1.23% | $123 | $615 | $1,230 |
What makes a fund charge costly is its repetition. It is deducted each year from the total balance, so the money it removes cannot 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. Fisher Funds spans 5 of those groups, which determines how much choice you actually have.
| Type | Funds | Risk | Charge range | What it means |
|---|---|---|---|---|
| Defensive | 1 | 1 | 0.47% | Weighted to cash and bonds, so it is the steadiest option in a range. |
| Conservative | 4 | 3 to 4 | 0.54% to 0.94% | Holds mostly income assets with a small share of shares, and is built for a shorter horizon. |
| Balanced | 3 | 4 | 0.36% to 1.13% | Splits income and growth assets roughly evenly, which is the middle of most ranges. |
| Growth | 2 | 4 | 1.21% to 1.23% | Holds mostly shares and property, so it swings more in the short term and is built for a longer horizon. |
| Aggressive | 2 | 4 | 1.16% | 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 is not a warning; it is a statement that 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.
Fisher Funds KiwiSaver Plan — the funds
| Fund | Type | Risk | Fee | 1yr | 5yr | Fund size |
|---|---|---|---|---|---|---|
| Cash Fund | Defensive | 1 | 0.47% | 2.28% | 2.68% | $515m |
| Default Conservative Fund | Conservative | 3 | 0.54% | 3.28% | 2.80% | $717m |
| Glidepath Age 75 | Conservative | 3 | 0.87% | 4.03% | — | $244k |
| Conservative Fund | Conservative | 3 | 0.90% | 4.18% | 2.45% | $1,452m |
| Glidepath Age 65 | Conservative | 4 | 0.94% | 4.43% | — | $8m |
| Default Fund | Balanced | 4 | 0.36% | 14.00% | — | $1,115m |
| Balanced Fund | Balanced | 4 | 1.11% | 5.60% | 3.59% | $4,310m |
| Glidepath Age 55 | Balanced | 4 | 1.13% | 5.66% | — | $15m |
| Glidepath Age 40 | Growth | 4 | 1.21% | 6.03% | — | $7m |
| Growth Fund | Growth | 4 | 1.23% | 6.14% | 4.27% | $4,401m |
| Aggressive Fund | Aggressive | 4 | 1.16% | 5.78% | — | $574m |
| Glidepath Age 25 | Aggressive | 4 | 1.16% | 5.78% | — | $890k |
Charges across the open funds run from 0.36 per cent to 1.23 per cent. The strongest five-year figure is the Growth Fund at 4.27 per cent a year, and the weakest is the Conservative Fund at 2.45 per cent a year.
Cashplus 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.
Fisher Funds KiwiSaver Scheme — the funds
| Fund | Type | Risk | Fee | 1yr | 5yr | Fund size |
|---|---|---|---|---|---|---|
| Conservative Fund | Conservative | 3 | 0.92% | 3.55% | 1.99% | $1,292m |
| Glidepath Age 75 | Conservative | 3 | 0.94% | 3.70% | 2.14% | $228k |
| Glidepath Age 60 | Balanced | 4 | 0.99% | 4.23% | 2.67% | $10m |
| Balanced Strategy | Growth | 4 | 1.03% | 4.48% | 2.89% | $1,293m |
| Glidepath Age 50 | Growth | 4 | 1.07% | 4.87% | 3.30% | $8m |
| Glidepath Age 30 | Growth | 4 | 1.09% | 5.07% | 3.49% | $3m |
| Growth Fund | Growth | 4 | 1.09% | 5.07% | 3.49% | $4,127m |
Balanced Strategy, Conservative Fund and Glidepath Age 30 in this scheme are closed to new members. If you already hold them, keep them and pay the shown charge; if you are choosing now, you cannot join them. This second scheme is a legacy arrangement, so check your statement to see which of the two schemes holds your money before comparing fees.
What the Funds Actually Hold
The register also discloses each fund’s split between growth assets, such as shares and property, and income assets, such as bonds and cash. More than the fund’s name, that ratio tells you how it will behave when markets move.
| Fund | Growth assets | Income assets | Risk |
|---|---|---|---|
| Cash Fund | 0% | 100% | 1 |
| Default Conservative Fund | 22% | 78% | 3 |
| Glidepath Age 75 | 23% | 77% | 3 |
| Conservative Fund | 25% | 75% | 3 |
| Glidepath Age 65 | 31% | 69% | 4 |
| Default Fund | 55% | 45% | 4 |
| Balanced Fund | 58% | 42% | 4 |
| Glidepath Age 55 | 60% | 40% | 4 |
| Glidepath Age 40 | 84% | 16% | 4 |
| Growth Fund | 79% | 21% | 4 |
| Aggressive Fund | 94% | 6% | 4 |
| Glidepath Age 25 | 94% | 6% | 4 |
Between 0% growth assets in the Cash Fund and 94% in the Glidepath Age 25, this range covers a lot of ground. The lower figure is built to protect capital; the higher one is built to grow it, and will lose more when markets fall. Match the fund to your horizon rather than to last year’s return.
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 Growth Fund at 4.27 per cent a year, against a range of 2.45 to 4.27 per cent across the open funds.
The one-year and five-year columns should be read as a pair. One-year figures across these funds span 2.28 to 14.00 per cent, and five-year averages 2.45 to 4.27 per cent. A good year says more about the market than about the manager; a five-year average is the harder and fairer test.
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.
The table that follows gives each open fund’s full published record. Where a fund is new, the longer columns are blank, and that absence is itself information.
| Fund | 1 year | 3 years | 5 years | 10 years | Since inception |
|---|---|---|---|---|---|
| Cash Fund | 2.28% | 3.56% | 2.68% | 2.15% | 3.10% |
| Default Conservative Fund | 3.28% | 4.79% | 2.80% | 3.52% | 4.54% |
| Glidepath Age 75 | 4.03% | — | — | — | 5.50% |
| Conservative Fund | 4.18% | 5.06% | 2.45% | 3.43% | 4.93% |
| Glidepath Age 65 | 4.43% | — | — | — | 6.06% |
| Default Fund | 14.00% | 8.65% | — | — | 6.20% |
| Balanced Fund | 5.60% | 6.40% | 3.59% | 5.48% | 6.23% |
| Glidepath Age 55 | 5.66% | — | — | — | 7.91% |
| Glidepath Age 40 | 6.03% | — | — | — | 8.78% |
| Growth Fund | 6.14% | 7.13% | 4.27% | 7.11% | 6.81% |
| Aggressive Fund | 5.78% | — | — | — | 8.72% |
| Glidepath Age 25 | 5.78% | — | — | — | 8.72% |
Several 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 number that would not be comparable, so weigh those funds on their fee and strategy instead.
Where Fisher Funds Sits Against the Alternatives
On entry cost, Fisher Funds is the 14th cheapest of the 29 managers in our KiwiSaver table, with its cheapest fund charging 0.36 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 |
Cheap is not the same as good. The test is whether the manager returns what the fee costs, and that shows up in the five-year figures. Past performance is not a promise, and any period that favours one asset class will flatter the funds holding most of it.
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, which is why 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.
The charge applies to the entire balance, not to each deposit. On a $50,000 balance, the lowest charge here, 0.36 per cent, is about $180 a year, and the highest, 1.23 per cent, is about $615. On $100,000, those figures double. Weigh that against the returns, since it is deducted regardless of the fund's performance.
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 before anything else, because the fund decides both the return and the charge.
How much will I pay?
Charges across the open funds run from 0.36 per cent to 1.23 per cent. It comes out of the fund’s returns, not your bank account, so you will not see a separate bill.
Is Fisher Funds 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 that members who never chose a fund are automatically allocated to this fund.
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 12 open funds, you can split your balance across several, allowing you to 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 coming in; it does not force existing members out, and it does not change your balance.
How much do I need to contribute to get the full government contribution?
You need to put in at least $1,042.86 of your own money between 1 July and 30 June to receive the maximum of $260.72. The government adds 25 cents for every dollar you contribute, and employer contributions do not count towards 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 per cent instead.
Does switching to or from Fisher Funds cost anything?
No. Fisher Funds records no membership, contribution, establishment, switching or termination fees, and switching between KiwiSaver providers does not 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
Fisher Funds is a provider with a wide range of funds. The fee table above shows the current charges for each fund. The funds are numerous enough that you need to choose deliberately.
- The Default Fund is the cheapest way in at 0.36 per cent.
- The strongest five-year record is the Growth Fund at 4.27 per cent a year, and it carries the risk that produced it.
- Several 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.
This guide is general information only and is not financial advice. Fund charges, returns and contributions can change, and past performance does not guarantee future results. Always check the current figures on the provider’s product disclosure statement and the Government KiwiSaver register, and consider seeking advice from a licensed financial adviser before making a decision.
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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