About You
STEP 1
$
Retirement age is assumed to be 65.
$
Used to estimate your contributions. Leave as 0 to calculate on balance only.
Historical average for growth funds is 7–9% before fees. Adjust to match your fund type.
Compare Two Funds
STEP 2
Fund A — Current
%
Fund B — Alternative
%
Switching could give you an extra
—
by age 65
Lower-fee Fund costs you —/year right now · Current Fund costs —/year
— difference per year
Fund A
Current Fund
—
Total fees paid: —
Fund B
Lower-fee Fund
—
Total fees paid: —
Balance over time — the gap that fees create
Fund A
Fund B
Fee gap (shaded)
⚠️ Fees are only part of the picture
This calculator isolates the fee impact only — both funds are assumed to earn the same gross return. In reality, a higher-fee active fund may outperform a lower-fee passive fund if its gross return is meaningfully higher. Always compare 5–10 year net returns after fees before switching, not fees alone.
Check actual net performance at Smart Investor (sorted.org.nz) →
Check actual net performance at Smart Investor (sorted.org.nz) →
Not financial advice. These projections are illustrative and assume a constant gross return and fee rate for both funds. Actual returns will vary and are not guaranteed. Both funds earn the same gross return in this model — only fees differ. Read each fund's Product Disclosure Statement (PDS) before switching. This tool does not constitute financial advice under the Financial Markets Conduct Act 2013.
Common questions about KiwiSaver fees
A 1% annual fee difference on a $50,000 balance costs more than $130,000 over 30 years when compounded at 7% gross return. New Zealanders collectively paid $868.5 million in KiwiSaver fees in the year to March 2025. The industry average fee is 0.82%, but low-cost providers like Simplicity and Kernel charge around 0.25% — a difference that adds up to tens of thousands of dollars over a career.
The average total annual fund charge (TAFC) across all 388+ KiwiSaver funds is 0.82%, with a median of 0.77%. Fees range from 0.03% (InvestNow Foundation US 500) to over 3% for specialist funds. Low-cost growth funds from Simplicity and Kernel sit around 0.25%. Bank-offered funds (ANZ, ASB, BNZ, Westpac) typically range from 0.55%–0.93%. Active managers like Milford and Generate charge 1.05%–1.10%.
Yes — you can switch KiwiSaver providers at any time, for free. Your entire balance transfers automatically to your new provider. The process typically takes 2–4 weeks. You do not lose your employer contributions, government contributions, or first home withdrawal eligibility by switching. Simply apply to your new provider online — they handle the transfer for you.
Not necessarily — what matters is net return after fees. A 1.05% active fund that consistently delivers 9% gross beats a 0.25% passive fund at 7% gross. Always compare net returns (after fees, before tax) over the same time period. That said, research consistently shows that most active funds underperform their benchmark after fees over the long term. Look at 5–10 year net performance records, not just the fee rate.
It can — and this calculator doesn't account for performance differences. It isolates the fee impact only, assuming both funds earn the same gross return. If your active fund genuinely delivers higher gross returns that more than offset its higher fee, the net result could favour staying. The key is to compare net returns after fees over 5–10 years, not gross returns or fees in isolation. Check actual net performance for every NZ KiwiSaver fund at Smart Investor (smartinvestor.sorted.org.nz). Research shows most active funds underperform their benchmark after fees over the long term — but some, like Milford, have a genuine track record of outperformance.
Your annual fee (called the Total Annual Fund Charge or TAFC) is listed in your provider's Product Disclosure Statement (PDS), on their website under fund information, and in your annual KiwiSaver statement. You can also compare fees across all 388+ NZ funds at the FMA's Smart Investor tool (smartinvestor.sorted.org.nz) or fundcompare.co.nz.