Best Value KiwiSaver Schemes 2023

Canstar awards the best value KiwiSaver schemes, those that deliver the best value for money in terms of fees and return on investments.

Are you looking for the best value KiwiSaver scheme? One that delivers not just the best returns, but all-round value in terms performance, price and features? Then let Canstar’s Outstanding Value KiwiSaver Scheme Awards be your guide.

Fisher Funds | Milford

Congratulations to Fisher Funds and Milford for their award-winning KiwiSaver schemes.

This year, three schemes from the two providers share top honours in our Outstanding Value | KiwiSaver Award:

  • Milford KiwiSaver Plan
  • Fisher Funds KiwiSaver Scheme
  • Fisher Funds TWO KiwiSaver Scheme

Canstar 2023’s Outstanding Value KiwiSaver Scheme Awards and Star Ratings credit the providers that deliver the best returns and overall value.

Our KiwiSaver Star Ratings involve a sophisticated and unique methodology. Canstar’s expert research team delves deep and compares the costs, features and performance of KiwiSaver schemes, and rewards the best with our 5-Star seal of approval.

The schemes that perform most strongly across the Conservative, Balanced and Growth investment profiles then earn our top accolade: Outstanding Value KiwiSaver Scheme.

And, importantly, we don’t just look at short-term results.

KiwiSaver is a long-term investment. And our research reflects this, rewarding providers for their average returns over the past five years.

For this year’s ratings, we cover:

  • 18 Providers
  • 20 Schemes
  • 124 KiwiSaver Funds

Each of the eligible KiwiSaver funds is rated across three main categories:


Most importantly, this covers annual returns, but it also looks at consistency of performance. This means how returns fluctuate year to year – whether they are consistent or vary wildly.


Features include: the range of investment options offered by a KiwiSaver provider, the financial advice, tools and support provided, and ease of member access.


Annual cost to members, including fees and total fund charges.


Outstanding Value KiwiSaver Awards Find Out More

Canstar’s Best KiwiSaver Funds

Part of choosing a KiwiSaver provider is determining which fund type is best for you, your financial goals and your appetite for risk.

If you are expecting to make a withdrawal in the near future, it’s recommended that you choose a more balanced fund. This reduces your risk, and the chances of your KiwiSaver balance dropping suddenly just before you access your funds.

However, if you’re just starting on your KiwiSaver journey, a riskier growth fund could help boost your initial investment.

If you are considering changing your fund or risk profile, check out the different funds that earned our top 5-Star ratings for Outstanding Value across the following fund categories:

Best Cash Funds

ANZ KiwiSaver Scheme – Cash Fund

OneAnswer KiwiSaver Scheme – Cash Fund

Kiwi Wealth KiwiSaver Scheme – Cash Fund


Best Conservative Funds

Fisher Funds KiwiSaver Scheme – Conservative Fund

 Fisher Funds TWO KiwiSaver Scheme – Cash Enhanced Fund

 Fisher Funds TWO KiwiSaver Scheme – Conservative Fund

Generate KiwiSaver Scheme – Moderate Fund

Milford KiwiSaver Plan – Conservative Fund

Best Defensive Funds

Nikko AM KiwiSaver Scheme – NZ Corporate Bond Fund

OneAnswer KiwiSaver Scheme – NZ Fixed Interest Fund

Superlife KiwiSaver Scheme – NZ Bonds Fund

Best Balanced Funds

Booster KiwiSaver Scheme – Socially Responsible Balanced Fund

Fisher Funds TWO KiwiSaver Scheme – Balanced Fund

Milford KiwiSaver Plan – Balanced Fund

Best Growth Funds

AE KiwiSaver Scheme – AE Investor

Milford KiwiSaver Plan – Active Growth Fund



Best Aggressive Funds

Booster KiwiSaver Scheme – Geared Growth Fund

Booster KiwiSaver Scheme – Socially Responsible High Growth Fund

Summer KiwiSaver Scheme – Summer New Zealand Equities


For our full Outstanding Value KiwiSaver Awards and Star Ratings click the button below:

Outstanding Value KiwiSaver Awards Find Out More

milford-asset-managementMilford: Canstar’s Provider of the Year KiwiSaver 2023

In addition to winning our Outstanding Value KiwiSaver award, Milford is also our KiwiSaver Provider of the Year 2023.

Compared to the other 17 KiwiSaver providers in our research, Milford delivered the greatest returns in their balanced and conservative fund profiles by a wide margin. And our expert research team also noted that, overall, Milford delivers:

  • Highly competitive products
  • Great product features, for example its investor app
  • High levels of support
  • A range of investment options to suit all KiwiSaver investors
  • Reasonable fee structure

These accolades, in addition to the fact that Milford also rates highly for customer satisfaction, is why Milford, for the fourth consecutive year, is Canstar’s Provider of the Year | KiwiSaver.

To read more about why Milford is our Provider of the Year, click on the button below.

Provider of the Year | KiwiSaver Find Out More

Compare KiwiSaver Providers with Canstar

If you’re comparing KiwiSaver funds, the comparison table below displays some of the products currently available on Canstar’s database for a KiwiSaver member with a balance of $20,000 in a Growth fund, sorted by Star Rating (highest to lowest), followed by company name (alphabetical) some may have links to providers’ websites. Use Canstar’s KiwiSaver comparison selector to view a wider range of retirement funds. Canstar may earn a fee for referrals.

To read more about our Outstanding Value KiwiSaver awards click this link. Or to compare KiwiSaver providers, click on the button below.

Compare KiwiSaver providers for free with Canstar!

About the author of this page

This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.

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