After Brutal Year, KiwiSaver Providers Recognised For Strong Performances

KiwiSaver is an increasingly important nest egg for New Zealanders at different life stages - be it when they purchase a first home, or settle back to enjoy their older years. Average balances now sit around $30,000, a decent chunk of cash to contribute to a house deposit, or buffer retirement lifestyles.

But over the last year global volatility has undermined KiwiSaver gains, at the same time as the cost of living and mortgage rates have soared. It has been a tough time for all providers, but some have navigated the difficulties better than others.

Today, we are proud to announce our KiwiSaver Provider of the Year. The winner is Milford Funds, for the third year in a row. Milford was the top performer in balanced and growth fund profiles across the last year, with the judging panel noting its “significant improvement in the growth profile, driven by strong 2022 annual returns relative to the market”.

Milford’s KiwiSaver Plan also won an Outstanding Value Scheme award, along with Fisher Funds, which won Outstanding Value Scheme awards for its Fisher Funds KiwiSaver Scheme and its Fisher Funds TWO KiwiSaver Scheme.

KiwiSaver is largely used at two important junctures in life: buying a first home and in retirement. But New Zealand’s high house prices and the rising cost of living are putting Kiwis at these life stages under intense financial pressure.

Jose George, Canstar New Zealand General Manager, said: “At times like this, the KiwiSaver provider you choose is important - just as important as figuring out what fund or risk profile suits your needs. Milford has repeatedly proven itself New Zealand’s top KiwiSaver provider, and we congratulate them for this success. We also want to applaud Fisher Funds for the outstanding value they have provided to their members.

“KiwiSaver is a valuable investment for all of us, and we should always ensure we’re in the right fund, with the right provider, to achieve our financial goals.”

Cantar’s research, tracking the last five years, shows Milford’s returns across conservative, balanced and growth funds have delivered consistently market-leading returns. And beyond this, Milford has focused on providing customer services to support smart investment decisions.

Milford offers access to financial advice for customers, from their device, or in-person from a Milford adviser or independent advisers around the country. Its app offers its customers the ability to track their funds and make transactions, and it also has Q&As and livestreams with its fund managers to support Kiwis wanting to learn more about KiwiSaver.

Milford’s Head of KiwiSaver & Distribution Murray Harris said the provider’s tools help give customers “peace of mind by helping them choose the right fund for them, the right contribution rate and a projection of what their KiwiSaver balance could be upon making a first home withdrawal or reaching retirement”.

Mr Harris noted Milford also offers digital support, such as its Spend My KiwiSaver tool, which gives retirees the confidence to decumulate their savings and work out how much they can sustainably withdraw from their KiwiSaver during retirement – which in the current high-inflation environment is particularly important.

Mr Harris added, “It’s great to be recognised from a trusted brand like Canstar for the third year in a row. We certainly won’t be stopping here, though, and will continue to evolve and improve our offering for our KiwiSaver members, helping to create a more resilient population to future financial shocks.”

Fisher Funds also won accolades from the Canstar judging panel, which awarded it 5-star ratings across its balanced and conservative funds in the Fisher Funds KiwiSaver Scheme.

Marcus Wild, Fisher Funds Chief Marketing Officer, said: “We are thrilled that both of our KiwiSaver schemes have been awarded the Canstar Outstanding Value KiwiSaver Award for the third year in a row. KiwiSaver is at the core of our business and, as active investment managers, we are passionate about delivering exceptional value for our clients. We look forward to continuing to support Kiwis to grow their KiwiSaver investments and benefit from the value and support that we provide."

Canstar’s KiwiSaver Provider of the Year award considers factors including performance across schemes and customer satisfaction, with scores then collated. This year, the panel assessed 18 providers, 22 schemes and 128 funds to find its winners.

For further details please visit the Canstar NZ site here.

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