Summer KiwiSaver Scheme Review
Published 12 October 2026 · Written by the ValueHub team · Reviewed by Steve Baron
Summer KiwiSaver Scheme Review
Summer runs 10 KiwiSaver funds open to new members, covering a wide spread of risk levels. At 30 June 2026 they held $357.8 million for 7,077 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 0.50 per cent to 0.90 per cent.
Over five years the Summer Australian Equities returned 8.01 per cent a year while the Summer Listed Property returned -2.69 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 ten 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
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. 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.
- Summer offers ten open funds across a single scheme.
- Annual fund charges range from 0.50 per cent to 0.90 per cent.
- The cheapest option is the Summer New Zealand Cash at 0.50 per cent.
- The largest fund by value is the Summer Balanced Selection, with $128.8 million invested.
- The strongest five-year record in the range belongs to the Summer Australian Equities, at 8.01 per cent a year.
- The weakest five-year record is the Summer Listed Property, at -2.69 per cent a year.
- The funds hold $357.8 million in total across 7,077 investors.
What You Pay, and What You Get For It
Summer 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 |
|---|---|---|---|
| Summer KiwiSaver Scheme | 10 | 0.50% to 0.90% | Open |
It helps to see the charge in dollars. On a $50,000 balance, the lowest charge here, 0.50 per cent, is about $250 a year, and the highest, 0.90 per cent, is about $450. 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 both a good year and a bad one.
| Fund | Charge | On $10,000 | On $50,000 | On $100,000 |
|---|---|---|---|---|
| Summer New Zealand Cash | 0.50% | $50 | $250 | $500 |
| Summer Growth Selection | 0.89% | $89 | $445 | $890 |
| Summer Listed Property | 0.90% | $90 | $450 | $900 |
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. Summer spans 5 of those groups, which determines how much choice you actually have.
| Type | Funds | Risk | Charge range | What it means |
|---|---|---|---|---|
| Defensive | 3 | 1 to 3 | 0.50% to 0.75% | Weighted to cash and bonds, so it is the steadiest option in a range. |
| Conservative | 1 | 3 | 0.75% | Holds mostly income assets with a small share of shares, and is built for a shorter horizon. |
| Balanced | 1 | 4 | 0.90% | Splits income and growth assets roughly evenly, which is the middle of most ranges. |
| Growth | 1 | 4 | 0.89% | Holds mostly shares and property, so it swings more in the short term and is built for a longer horizon. |
| Aggressive | 4 | 4 to 5 | 0.89% to 0.90% | 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.
Summer KiwiSaver Scheme — the funds
| Fund | Type | Risk | Fee | 1yr | 5yr | Fund size |
|---|---|---|---|---|---|---|
| Summer New Zealand Cash | Defensive | 1 | 0.50% | 2.03% | 2.41% | $4m |
| Summer Global Fixed Interest | Defensive | 3 | 0.75% | 1.59% | 0.22% | $995k |
| Summer New Zealand Fixed Interest | Defensive | 3 | 0.75% | 3.57% | 1.24% | $6m |
| Summer Conservative Selection | Conservative | 3 | 0.75% | 5.23% | 2.17% | $11m |
| Summer Balanced Selection | Balanced | 4 | 0.90% | 7.87% | 3.36% | $129m |
| Summer Growth Selection | Growth | 4 | 0.89% | 10.51% | 4.51% | $117m |
| Summer Global Equities | Aggressive | 5 | 0.89% | 16.06% | 6.87% | $46m |
| Summer Australian Equities | Aggressive | 5 | 0.90% | 10.68% | 8.01% | $18m |
| Summer Listed Property | Aggressive | 5 | 0.90% | 4.53% | -2.69% | $8m |
| Summer New Zealand Equities | Aggressive | 4 | 0.90% | 7.49% | 1.46% | $19m |
Charges across the open funds run from 0.50 per cent to 0.90 per cent. The strongest five-year figure is the Summer Australian Equities at 8.01 per cent a year, and the weakest is the Summer Listed Property at -2.69 per cent a year.
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 Summer Australian Equities at 8.01 per cent a year, against a range of -2.69 to 8.01 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 1.59 to 16.06 per cent, and five-year averages -2.69 to 8.01 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.
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 |
|---|---|---|---|---|---|
| Summer New Zealand Cash | 2.03% | 3.31% | 2.41% | — | 1.63% |
| Summer Global Fixed Interest | 1.59% | 2.50% | 0.22% | — | 1.34% |
| Summer New Zealand Fixed Interest | 3.57% | 3.54% | 1.24% | — | 1.92% |
| Summer Conservative Selection | 5.23% | 4.70% | 2.17% | — | 3.19% |
| Summer Balanced Selection | 7.87% | 6.47% | 3.36% | — | 5.47% |
| Summer Growth Selection | 10.51% | 8.09% | 4.51% | — | 6.35% |
| Summer Global Equities | 16.06% | 14.84% | 6.87% | — | 9.80% |
| Summer Australian Equities | 10.68% | 9.06% | 8.01% | — | 7.89% |
| Summer Listed Property | 4.53% | 0.36% | -2.69% | — | 3.00% |
| Summer New Zealand Equities | 7.49% | 2.08% | 1.46% | — | 6.73% |
Where Summer Sits Against the Alternatives
On entry cost, Summer is the 19th cheapest of the 29 managers in our KiwiSaver table, with its cheapest fund charging 0.50 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 |
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
Contribution settings come from legislation rather than the provider, so they are identical across all schemes. The difference lies in what the manager does with the money afterwards, and that is where the fee begins to matter.
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, 0.50 per cent, is about $250 a year, and the highest, 0.90 per cent, is about $450. 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 0.50 per cent to 0.90 per cent. It comes out of the fund’s returns, not your bank account, so you will not see a separate bill.
Is Summer 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. Summer 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 10 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 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 Summer cost anything?
No. Summer 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.
What Matters Most
Summer is a manager with a moderate fund range. The fee table above shows the current charges for each fund. The funds are numerous enough that you need to choose deliberately.
- The Summer New Zealand Cash is the cheapest way in at 0.50 per cent.
- The strongest five-year record is the Summer Australian Equities at 8.01 per cent a year, and it carries the risk that produced it.
- 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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