Fees charged on KiwiSaver funds vary from around 0.4% to over 2.5%. The dollar amount you pay will depend on your personal KiwiSaver balance.
For example, if you’re in a fund charging 1.1% and your balance is $10,000 you’ll pay $110 plus any applicable administration fee each year.
What you should do now
Find out what you’re paying. Your annual statement will tell you this.
Use the Sorted Smart Investor tool to find out what other providers are charging. Make sure you compare your fund to other similar funds (for example, if you’re in a growth fund look at other growth funds). Tip: Use the ‘Sort by’ box to sort by fees first.
Ask your provider to explain why they charge the fees they do. Some providers offer extra services or manage money in a way that costs more.
If you don’t think you’re getting good value for money you can switch KiwiSaver providers. Contact the new provider and they’ll help you switch. Often you can do this online.