ANZ KiwiSaver Review

The ANZ KiwiSaver scheme provides seven funds to invest in, actively manages some funds, and appoints external fund managers to select the assets in some funds.
Lifetimes, unique to ANZ KiwiSaver, is designed to move your KiwiSaver investments through different funds based on your age. Your circumstances or other criteria, such as market conditions or whether you intend to use some funds to purchase your first home, are not considered.


  • Online App


  • High Fees

ANZ KiwiSaver Quick Facts

  1. Fund start date: 01 October 2007
  2. Assets Under Management (AUM): $18.8B (30 September 2023)
  3. Customers: 670,000 

ANZ KiwiSaver Funds manages $18.8 billion in assets under management in New Zealand, representing a 20% market share. However, this is a decrease of $839 million from the June quarter. ASB KiwiSaver manages $14.8 billion, $84 million lower than the June quarter.

ANZ New Zealand Investments Limited is the issuer and manager of the ANZ KiwiSaver Scheme, wholly owned by ANZ Bank.

ANZ Investments has partnered with BlackRock and Mercer, two of the world’s top asset managers, to achieve better long-term customer outcomes.

ANZ Bank NZ dominates the New Zealand financial sector, with the greatest market share of all banks, accounting for approximately 28% of loans and 30% of customer deposits.

Your money will be pooled with other investors’ money and put into various low-, medium-, or high-risk investments, which could generate lower to higher returns.

How are ANZ KiwiSaver Funds performing?

Yearly annual returns after fees but before tax for the last ten years, except for the High Growth Fund reflecting the return since launched in August 2023.

  • NZ Cash Funds Total Returns % per year: 2.4%
  • Conservative Fund 10-year Total Returns per year: 3.53%
  • Conservative Balanced Fund 10-year Total Returns per year: 4.64%
  • Moderate Fund 10-year Total Returns % per year: 5.68%
  • Balanced Fund 10-year Total Returns % per year: 6.77%
  • Growth Fund 10-year Total Returns % per year: 7.79%
ANZ Investments launched the High Growth Fund in August 2023 and has since achieved a -4.82% annual return.

The returns reflect past performance but do not indicate or guarantee future performance because they are subject to market volatility, moving up and down. It is important to note that returns can be negative, and as a result, you may receive back less than your total contributions.

How does ANZ KiwiSaver compare?

Best performing KiwiSaver Funds average return over the last ten years, after fees but before taxes:

  • Milford Conservative: 6.0%
  • Generate Moderate: 5.5%
  • Milford Balanced: 9.0%
  • Milford Growth: 10.9%
  • Generate Focused Growth: 9.4%

How can ANZ KiwiSaver Funds be invested?

ANZ KiwiSaver invests in two categories:

  • Growth Assets (equities and listed property) and
  • Income Assets (cash, cash equivalents, and fixed interest)

They can also make a limited investment in listed infrastructure assets and alternative assets.

You can track some of the major investments through your ANZ KiwiSaver login.

Each fund is invested in line with a target asset allocation.

The Conservative Balanced Fund invests primarily in income assets (cash and cash equivalents and fixed interest), with some exposure to growth assets (equities, listed property, and listed infrastructure), and has a minimum proposed investment term of four years. The fund may also invest in non-traditional assets.

The Conservative Fund seeks to invest in the following asset classes:

  • Cash and Cash Equivalents 15%
  • NZ & International Fixed Interest 12.5%
  • International Fixed Interest 37.5% Growth
  • Australasian Equities 6.5%
  • International Equities 22.5%
  • Listed Property 4.5%
  • Other (listed infrastructure) 1.5%

The High Growth Fund, on the other hand, with a minimum proposed investment term of nine years, invests primarily in growth assets (equities, listed property, and listed infrastructure), with very little exposure to income assets (cash and cash equivalents, and fixed interest). The fund may also invest in non-traditional assets.

The High Growth Fund seeks to invest in the following asset classes:

  • Cash and Cash Equivalents 5%
  • Australasian Equities 18%
  • International Equities 63%
  • Listed Property 10.5%
  • Other (listed infrastructure) 3.5%

Overall, the High Growth Fund’s 95% allocation to growth assets is likely to give investors higher long-term returns but more volatility (periods of unpredictable and occasionally rapid, price swings) in the short to medium term than the Conservative’s 35%.

ANZ KiwiSaver FAQ's

The ANZ KiwiSaver funds can be withdrawn when you turn 65, which is when you become eligible for New Zealand superannuation.

It’s possible to withdraw money from your KiwiSaver account before retirement under certain circumstances. You’re allowed to make a withdrawal if:

  • you purchase your first home,
  • permanently move to another country,
  • face significant financial hardship,
  • suffer from a severe illness or
  • were born with a life-shortening condition that reduces your life expectancy below the KiwiSaver retirement age.

In case of your premature death, the money in your KiwiSaver account will be paid to your estate.

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