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Westpac KiwiSaver Scheme
Westpac KiwiSaver Scheme is a KiwiSaver provider that runs 8 KiwiSaver funds, has 526,938 members, manages $12.6 billion, or 9.2% of the KiwiSaver market.
About Westpac KiwiSaver Scheme
Westpac is one of KiwiSaver’s long-running bank providers, with a scheme that launched in 2007 and is managed by BT Funds Management (NZ), part of the Australian Westpac group. It became a government default provider in 2014 and was reappointed in 2021, so default-provider status is still part of the scheme’s current role, not just its history. The investment approach is multi-manager, with Westpac’s New Zealand team managing local cash and bonds while specialist managers are used for other asset classes. The range spans eight funds from Cash to High Growth, including a balanced default fund, and fees on the core diversified funds are competitive for a bank-run scheme.
Key facts
- Ownership
- Australian-owned
- KiwiSaver scheme established
- 2007
- Investment approach
- Active/passive mix
- KiwiSaver funds under management
- $12.6 billion (9.2% of the KiwiSaver market)
- Members
- 526,938
- Average member balance
- $23,995
- KiwiSaver funds offered
- 8
- Annual fee range
- 0.25% – 0.70%
Fund range by risk profile
- Defensive: 1 fund
- Conservative: 2 funds
- Balanced: 3 funds
- Growth: 1 fund
- Aggressive: 1 fund
How has Westpac KiwiSaver performed?
Over the last 5 years, their highest-returning fund was the Growth Fund, at +4.9% a year after fees and tax.
| Risk profile | Fund | Return |
|---|---|---|
| Defensive | Cash Fund | +2.5% |
| Conservative | Conservative Fund | +4.8% |
| Balanced | Balanced Fund | +8.7% |
| Growth | Growth Fund | +10.7% |
| Aggressive | High Growth Fund | +13.1% |
KiwiSaver funds offered by Westpac KiwiSaver Scheme
| Fund | Risk profile | Annual fee | 1 year | 5 years p.a. |
|---|---|---|---|---|
| Cash Fund | Defensive | 0.25% | +2.5% | +2.7% |
| Conservative Fund | Conservative | 0.40% | +4.8% | +2.4% |
| Defensive Conservative Fund | Conservative | 0.40% | +4.3% | +2.3% |
| Balanced Fund | Balanced | 0.50% | +8.7% | +4.0% |
| Default Balanced Fund | Balanced | 0.40% | +7.7% | Not reported |
| Moderate Fund | Balanced | 0.40% | +6.5% | +3.1% |
| Growth Fund | Growth | 0.55% | +10.7% | +4.9% |
| High Growth Fund | Aggressive | 0.70% | +13.1% | Not reported |
Figures are after fund charges and tax, sourced from the FMA Disclose Register. Past performance is not a reliable indicator of future returns.