SBS Wealth KiwiSaver Scheme Review

SBS Wealth KiwiSaver Scheme Review

SBS Wealth runs 9 KiwiSaver funds open to new members, spanning almost the whole of the register’s risk scale. At 30 June 2026 they held $1.11 billion for 44,245 investors. The funds run from risk level 1 to 6, so which fund you pick matters more than which scheme you are in.

Charges across the open funds run from 0.46 per cent to 1.24 per cent.

Over five years the Lifestages Auto Option Age 0 - 49 returned 7.29 per cent a year while the SBS Wealth Income Fund returned 0.32 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 nine 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.

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.

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.

• SBS Wealth offers nine open funds across a single scheme.
• Annual fund charges range from 0.46 per cent to 1.24 per cent.
• The cheapest option is the SBS Wealth Cash Fund at 0.46 per cent.
• The largest fund by value is the SBS Wealth High Growth Fund, with $539.0 million invested.
• The strongest five-year record in the range is the Lifestages Auto Option Age 0 - 49, at 7.29 per cent per year.
• The weakest five-year record is the SBS Wealth Income Fund, at 0.32 per cent a year.
• The funds hold $1.11 billion in total across 44,245 investors.
• Nine of the open funds have no five-year figure yet because they have not been running that long.

What You Pay, and What You Get For It

SBS Wealth 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, 0.46 per cent, is about $230 a year, and the highest, 1.24 per cent, is about $620. On $100,000, those figures double.

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 fund from the range, and shows what each charges at three balances. This is the certain part of the equation: the fee is charged whether the fund rises or falls.

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. SBS Wealth spans 5 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.

SBS Wealth KiwiSaver Scheme — the funds

Charges across the open funds run from 0.46 per cent to 1.24 per cent. The strongest five-year figure is the Lifestages Auto Option Age 0 - 49 at 7.29 per cent a year, and the weakest is the SBS Wealth Income Fund at 0.32 per cent a year.

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.

The spread runs from 0% growth assets in the SBS Wealth Income Fund to 98% in the SBS Wealth High 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

The returns in every table are net of the fund charge and after tax, which is the figure that matters to a member. Every return shown is net of the fund charge and after tax. The strongest five-year average here is the Lifestages Auto Option Age 0 - 49 at 7.29 per cent a year, against a range of 0.32 to 7.29 per cent across the open funds.

Compare the columns side by side. One-year figures across these funds span 1.75 to 24.51 per cent, and five-year averages 0.32 to 7.29 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.

Two 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 SBS Wealth Sits Against the Alternatives

On entry cost, SBS Wealth is the 18th cheapest of the 29 managers in our KiwiSaver table, with its cheapest fund charging 0.46 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.

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, 0.46 per cent, is about $230 a year, and the highest, 1.24 per cent, is about $620. 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 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 0.46 per cent to 1.24 per cent. It comes out of the fund’s returns, not your bank account, so you will not see a separate bill.

Is SBS Wealth 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. SBS Wealth 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.

Do I have to pick just one fund?

No. With 9 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 SBS Wealth cost anything?

No. SBS Wealth 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

SBS Wealth is a bank-owned manager with a compact range. The fee table above shows the current charges for each fund. The funds are numerous enough that you need to choose deliberately.

• The SBS Wealth Cash Fund is the cheapest way in at 0.46 per cent.
• The strongest five-year record is the Lifestages Auto Option Age 0 - 49 at 7.29 per cent a year, and it carries the risk that produced it.
• Two 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.