Fees and charges

It’s important to know what fees and charges you’re paying, as these vary between KiwiSaver providers. Westpac’s KiwiSaver Scheme has been awarded a Platinum rating by SuperRatings*, which noted Westpac’s fees as being one of its strengths. 


Fees are deducted from your investment, so will reduce your returns. Where the manager of the Westpac KiwiSaver Scheme invests in other funds, those funds may also charge fees. The fees you pay will be charged in two ways:

1. Regular charges (such as annual fund charges). Small differences in fees can make a big impact to your savings over the long term.

2. One-off fees (currently none).

Annual fund charge

Fund Annual fund charges

As % of net asset value (estimate)1
Administration fee
Cash 0.29%   $12 p.a.

Default 0.40% 
Conservative 0.59% 
Moderate  0.66% 
Balanced  0.73% 
Growth  0.80% 

1. Annual fund charges include estimates of manager and Supervisor expenses and applicable underlying fund charges from 0.06% to 0.17%. Actual charges will depend on the expenses incurred by the Westpac KiwiSaver Scheme and performance of the underlying funds and investment managers and will vary from the estimates. Actual charges over the past 12 months are available in the latest fund updates. For more information on the basis of estimation of fees and expenses, see the Product Disclosure Statement.

The annual fund charge is made up of three different components:

  1. Management fee. Each fund has an annual management fee which is accrued on a daily basis and paid to BT Funds Management (NZ) Limited monthly in arrears.

  2. Supervisor fee. The Supervisor receives an annual fee for the services it provides. This fee is calculated daily and paid monthly in arrears from each fund.

  3. Other administration charges. Westpac New Zealand Limited and the Supervisor are entitled to be reimbursed for certain expenses in performing our roles: for example, audit costs, service provider fees (including for services provided by administration managers) and banking charges. The funds may obtain exposure to asset classes by investing directly or through other managed funds. Under our current policy, BT Funds Management (NZ) Limited pays the management fees charged by any managed funds we have selected (a Specialist Fund) ourselves, so these fees will not affect the amount of your returns. Specialist Funds and any funds they are exposed to may however charge other fees, including performance fees, and incur expenses which will affect the value of the Specialist Funds and consequently have an impact on the returns of the funds.

Administration fee

This is a monthly fee of $1.00 ($12 p.a.). Your administration fee is usually paid to BT Funds Management (NZ) Limited monthly in arrears.

Fee calculation methodology

Our methodology for calculating total fees disclosed in the Westpac KiwiSaver Scheme Annual Member Statements is here.

See the latest Fund Updates

BT Funds Management (NZ) Limited must publish a Fund Update for each fund showing the fees actually charged during the most recent year. Fund Updates, including past updates, are available here.