ASB KiwiSaver Review

The ASB KiwiSaver scheme provides six funds to invest in; all managed passively. These funds range from a low-risk cash fund to a high-risk growth fund. In addition to the five standard funds, a unique “Positive Impact Fund” focuses on investing in assets that generate a positive and measurable social and environmental impact while providing a financial return.


  • Six Kiwisaver Funds with lower to higher investment risk


  • No financial advice

ASB KiwiSaver Quick Facts

  1. Fund start date: 02 October 2007
  2. Assets Under Management (AUM): $14.9B (30 June 2023)

ASB KiwiSaver ranks second in New Zealand with $14.9B in assets under management compared to ANZ KiwiSaver’s $19.7B in assets under management. ASB Bank, the ASB KiwiSaver parent company, is one of New Zealand’s largest banks.

Your money will be pooled with other investors’ money and invested in various investments ranked for lower, medium, and high risk, potentially providing lower to higher returns.

How are ASB KiwiSaver Funds performing?

Yearly annual returns after fees but before tax for the last ten years, except for the Positive Impact Fund reflecting the average returns for the previous three years

  • NZ Cash Funds Total Returns % per year: 2.2%
  • Conservative Fund 10-year Total Returns per year: 3.8%
  • Moderate Fund 10-year Total Returns % per year: 5.1%
  • Balanced Fund 10-year Total Returns % per year: 6.9%
  • Growth Fund 10-year Total Returns % per year: 8.4%
  • Positive Impact Fund Total Returns % per year: -2.07%

If you don’t choose a fund when you join, your money will be invested in the Conservative Fund.

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 ASB 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 ASB KiwiSaver Funds be invested?

ASB KiwiSaver can be invested to cater to your risk and investment timeframe. Each fund is invested in line with a target asset allocation.

The Balanced Fund has a minimum suggested investment timeframe of six years with a target investment mix of:

  • Cash and Cash Equivalents 3%
  • NZ Fixed Interest 19%
  • International Fixed Interest 18% Growth
  • Australasian Equities 25%
  • International Equities 29%
  • Listed Property 2.5%
  • Other (listed infrastructure) 3.5%

In comparison, the Growth Fund has a minimum suggested investment timeframe of eleven years with a target investment mix of:

  • Cash and Cash Equivalents 1%
  • NZ Fixed Interest 11.5%
  • International Fixed Interest 7.5% Growth
  • Australasian Equities 33%
  • International Equities 37.5%
  • Listed Property 3.5%
  • Other (listed infrastructure) 6%

The Balanced Fund has 60% of the money allocated to growth assets compared to the Growth Fund’s 80%.

Overall, it’s expected the funds will return positive returns but expect higher volatility (periods of unpredictable, and sometimes sharp, price movements) compared to the Conservative’s 20% and the Moderate Fund’s 40% allocated to growth assets.

The conservative and moderate funds primarily consist of cash and fixed-interest bonds (income assets), while equities (growth assets) make up a more significant portion of the growth options.


ASB KiwiSaver FAQ's

The ASB 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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