Our investment fund options

The BNZ KiwiSaver Scheme has a range of funds to invest in, each offering a different level of potential return depending on the types of assets the funds are invested in, and the amount of risk you’re willing to take. 

Growth assets^ will typically experience larger movements in value compared to income assets^, so they have the potential to achieve higher investment returns over the longer term, however you need to be willing to accept more risk.

Cash Fund

No minimum suggested investment timeframe

Aims to achieve stable returns over the short term.

Investment asset mix
100% Income

graph cash fund

100% inline blue circle Cash & cash equivalents

First Home Buyer Fund

Minimum suggested investment timeframe: 3 years


Aims to achieve relatively stable returns over the short to medium term.

Investment asset mix
85% Income / 15% Growth

graph first home buyer fund

60% inline blue circle Cash & cash equivalents
19% inline dark blue circle International fixed interest
10% inline aqua circle International equities
6% inline teal circle New Zealand fixed interest
5% inline green circle Australasian equities

Conservative Fund

Minimum suggested investment timeframe: 3 years

Aims to achieve relatively stable returns over the short to medium term.

Investment asset mix
80% Income / 20% Growth

graph conservative fund

41% inline dark blue circle International fixed interest
25% inline blue circle Cash & cash equivalents
14% inline teal circle New Zealand fixed interest
13% inline aqua circle International equities
7% inline green circle Australasian equities

Moderate Fund

Minimum suggested investment timeframe: 5 years

Aims to achieve moderate returns over the medium term.

Investment asset mix
60% Income / 40% Growth

Moderate Fund

34% inline dark blue circle International fixed interest
27% inline aqua circle International equities
15% inline blue circle Cash & cash equivalents
13% inline green circle Australasian equities
11% inline teal circle New Zealand fixed interest

Balanced Fund

Minimum suggested investment timeframe: 7 years

Aims to achieve a medium level of return over the medium to long term.

Investment asset mix
40% Income / 60% Growth

Balanced Fund

40% inline aqua circle International equities
26% inline dark blue circle International fixed interest
20% inline green circle Australasian equities
9% inline teal circle New Zealand fixed interest
5% inline blue circle Cash & cash equivalents

Growth Fund

Minimum suggested investment timeframe: 10 years

Aims to achieve higher returns over the long term.

Investment asset mix
20% Income / 80% Growth

Growth Fund

53% inline aqua circle International equities
27% inline green circle Australasian equities
14% inline dark blue circle International fixed interest
5% inline teal circle New Zealand fixed interest
1% inline blue circle Cash & cash equivalents

About the mix of our investments

  • The actual investment mixes may vary, depending on market movements and other factors, within allowable investment ranges.

  • The fund objectives, target investment mixes, and allowable investment ranges may change from time to time without prior notice to you. The objectives, target investment mixes, and allowable investment ranges are set out in the current BNZ KiwiSaver Scheme Statement of Investment Policies and Objectives (SIPO) PDF 374KB

Management fee

The management fee is the only fee you’ll pay with the BNZ KiwiSaver Scheme. It is used to pay for the management of each fund’s assets, including underlying investment costs, the Supervisor’s fee and administration costs of the Funds (such as audit fees, registry services and unit pricing and accounting services).

The management fee is calculated as a percentage of the net asset value of each Fund, and is already deducted from your investment, so returns will be reduced. You don’t need to pay this separately and it doesn’t appear as a transaction on your account. More about how our fees work

Fund Management fee
Cash Fund  0.30% p.a. 
First Home Buyer Fund 0.45% p.a.
Conservative Fund 0.45% p.a.
Moderate Fund 0.45% p.a.
Balanced Fund 0.45% p.a.
Growth Fund 0.45% p.a.

How our funds are tracking

BNZ KiwiSaver Scheme fund performance to 31 October 2021^. Returns are calculated after deducting Management Fees and before deducting tax.

  Cash Fund First Home Buyer Fund Conservative Fund Moderate Fund Balanced Fund Growth Fund
1 month 0.03% 0.06% -0.15% 0.28% 0.66% 1.09%
3 months 0.09% -0.19% -0.80% -0.04% 0.73% 1.68%
1 year 0.19% 2.13% 2.04% 6.83% 11.45% 16.77%
3 years (per annum) 1.18% 3.23% 4.18% 7.16% 9.42% 11.98%
5 years (per annum) 1.67% 3.50% 4.26% 6.67% 8.66% 11.10%
7 years (per annum) 1.99% N/A 4.58% 6.54% 8.10% 9.92%
Since inception (per annum)^
 2.21% 3.60% 4.69% 6.55% 8.11% 9.92%