Pie KiwiSaver Scheme Review

Pie KiwiSaver Scheme Review

Pie runs 4 KiwiSaver funds open to new members, covering a moderate spread of risk levels. At 30 June 2026 they held $622.3 million for 13,537 investors.

Charges across the open funds run from 0.75 per cent to 1.25 per cent.

Over five years the Pie KiwiSaver Balanced Fund returned 2.69 per cent a year while the Pie KiwiSaver Conservative Fund returned 2.32 per cent a year, which is the gap between the top and the bottom of what you can choose from.

This review does three things. It sets out what the scheme actually contains. It puts every fund’s fee, risk indicator and return in one place, taken from the Government’s register. And it answers the question that matters most — whether what you get is worth what you pay.

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 four 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.

Nothing here is a recommendation to switch. It is the evidence you would want in front of you before deciding whether to, gathered in one place.

ValueHub's Trusted Providers

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Simplicity

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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. Fifteen percent of management fees 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.

• Pie offers four open funds across a single scheme.
• Annual fund charges range from 0.75 per cent to 1.25 per cent.
• The cheapest option is the Pie KiwiSaver Conservative Fund at 0.75 per cent.
• The largest fund by value is the Pie KiwiSaver Growth Fund, with $436.4 million invested.
• The strongest five-year record in the range belongs to the Pie KiwiSaver Balanced Fund, at 2.69 per cent a year.
• The weakest five-year record is the Pie KiwiSaver Conservative Fund, at 2.32 per cent a year.
• The funds hold $622.3 million in total across 13,537 investors.
• Four of the open funds do not yet have a five-year figure because they have not been running that long.

What You Pay, and What You Get For It

Pie 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.

It helps to see the charge in dollars. On a $50,000 balance, the lowest charge here, 0.75 per cent, is about $375 a year, and the highest, 1.25 per cent, is about $625. 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 is what the cheapest, dearest and middling funds take on three balances. This much is guaranteed: the fee is charged in a good year and a bad one alike.

The real effect of a fee is not the one-year figure but what it removes from a balance that would otherwise have compounded for decades. Small percentage differences add up to large sums over forty years of contributions.

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. Pie spans 3 of those groups, which determines how much choice you actually have.

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.

Pie KiwiSaver Scheme — the funds

Charges across the open funds run from 0.75 per cent to 1.25 per cent. The strongest five-year figure is the Pie KiwiSaver Balanced Fund at 2.69 per cent a year, and the weakest is the Pie KiwiSaver Conservative Fund at 2.32 per cent a year.

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.

Between 25% growth assets in the Pie KiwiSaver Conservative Fund and 88% in the Pie KiwiSaver Aggressive Fund, this range covers a wide spectrum. 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

The figures are net of fees and after tax. Every return shown is net of the fund charge and after tax. The strongest five-year average here is the Pie KiwiSaver Balanced Fund at 2.69 per cent a year, against a range of 2.32 to 2.69 per cent across the open funds.

Compare the columns side by side. One-year figures across these funds span 6.42 to 16.63 per cent, and five-year averages 2.32 to 2.69 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.

Where a fund has only a short record, none of this can help you, and that is a real limitation rather than a technicality. The longer the published record, the more of it is evidence rather than circumstance.

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.

One of the open funds here has no five-year figure because it has not been running that long. We show a dash rather than a number that wouldn't be comparable, so weigh those funds by their fee and strategy instead.

Where Pie Sits Against the Alternatives

On entry cost, Pie is the 24th cheapest of the 29 managers in our KiwiSaver table, with its cheapest fund charging 0.75 per cent. The cheapest manager charges 0.03 per cent and the dearest starts at 4.26 per cent.

A fee comparison is only half the picture. What matters is whether the manager earns back what it charges, and the five-year returns are where that shows. Past returns are not a forecast, and a period that favoured one type of asset will flatter whoever held most of it.

What You Put In, and What You Get Back

The contribution rules are set by the Government and apply to whoever manages your money, so they are the same here as anywhere else. What changes between schemes is what happens to the money once it arrives, which is why the charge matters more as the balance grows.

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, 0.75 per cent, is about $375 a year, and the highest, 1.25 per cent, is about $625. 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 0.75 per cent to 1.25 per cent. It comes out of the fund’s returns, not your bank account, so you will not see a separate bill.

Is Pie a default provider?

No. The appointed default providers are BNZ, Booster, Westpac (through BT Funds Management), Fisher Funds, Simplicity and Smartshares, with appointments running to December 2028. Pie is a scheme you choose deliberately.

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.

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 Pie cost anything?

No. Pie 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

Pie is a manager with a deliberately small range. The fee table above shows the current charges for each fund. The funds are few and easy to keep in mind.

• The Pie KiwiSaver Conservative Fund is the cheapest way in at 0.75 per cent.
• The strongest five-year record is the Pie KiwiSaver Balanced Fund at 2.69 per cent a year, and it carries the risk that produced it.
• One fund is too new to have a five-year record, so judge it 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.