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Booster KiwiSaver review
Government-approved default KiwiSaver provider Booster offers 15 funds for you to choose from.
From socially-responsible funds to sector-specific and asset funds, Booster offers plenty of options if you’re looking to switch scheme provider, or start you on your KiwiSaver investing journey.
This article will outline all funds in the Booster KiwiSaver scheme and help you decide which KiwiSaver fund is right for you.
Booster is a government-appointed default KiwiSaver provider. As a result, Booster KiwiSaver schemes are some of the most common KiwiSaver plans that you’ll find in New Zealand.
The KiwiSaver plans offered by Booster include multi-sector funds, socially-responsible ESG funds, single-sector funds, and asset class funds. As with all investments, each of these come with their own level of risk and return.
Booster KiwiSaver funds
We’ve organised Booster’s funds into classifications of conservative, balanced, and growth.
In general, these funds invest in different compositions of cash, equities, property and fixed interest depending on their risk level. A conservative Booster KiwiSaver fund, for example, might be more overweight in income assets like New Zealand fixed interest. On the other hand, riskier funds may contain more growth assets like international equities and fixed interest.
These funds invest in more conservative assets, thus helping you preserve your capital.
- Enhanced Cash Fund. The fund acts as a highly-liquid deposit account that preserves your capital in the long-term. It invests solely in income assets.
- Capital Guaranteed Fund. A low-risk fund that offers modest returns. On top of investing in income assets, this KiwiSaver fund consists of a small basket of growth assets.
- Asset Class Conservative Fund. A fund which consists mainly of income assets with some growth assets. A low-to-medium risk.
- Default Saver Fund. Similar to the Capital Guaranteed Fund, the Default Saver Fund offers minimal risk for modest returns.
- Moderate Fund. This actively-managed fund aims to give medium-term investors stable returns.
- Socially Responsible Investment Moderate Fund. This KiwiSaver plan invests in income and growth assets that are considered sustainable and socially responsible. It delivers long-term moderate growth.
These Booster KiwiSaver plans balance risk and returns to help you grow your capital in the long-term.
- Balanced Fund. This actively-managed fund helps long-term investors grow their capital. It combines income assets with slightly more volatile growth assets.
- Socially Responsible Investment Balanced Fund. While offering moderate long-term capital gains, this fund only invests in assets that are considered ethical and responsible.
- Asset Class Balanced Fund. This fund comprises a mix of income and growth assets and offers slightly higher risk and potential returns than its conservative equivalent.
Growth Booster KiwiSaver Funds help you grow your wealth aggressively, albeit at a higher risk. They are therefore more appealing choices for investors with a higher risk appetite or a longer investment time frame.
- Balanced Growth Fund. While this fund mainly invests in growth assets, it offsets your short-term volatility with income assets as well. It ultimately aims to provide you with capital growth over time.
- Shielded Growth Fund. Similar to the Balanced Growth Fund, the Shielded Growth Fund hedges your risk in growth assets using other low-risk assets.
- High Growth Fund. This fund maximises your long-term returns by taking on riskier assets.
- Asset Class Growth Fund. The highest risk asset fund of the three available, this one invests mainly in growth assets and includes some income assets.
- Socially Responsible Investment High Growth Fund. A KiwiSaver fund that both grows your long-term capital and avoids socially-harmful assets or securities.
- Geared Growth Fund. A high-risk fund focused on helping investors achieve aggressive portfolio returns.
Note: Booster no longer offers the Trans-Tasman Share Fund or the International Share Fund.
Booster KiwiSaver fund fees
Here are the fees you may generally encounter with Booster.
- Membership fee. Booster charges a flat annual membership fee of $36. Do note that this fee is waived for accounts with balances below $500.
- Management fee. This fee is used to cover the operating costs of your KiwiSaver plan. It ranges from 0.38% – 1.64% per annum depending on the KiwiSaver fund you’ve chosen. Do note that actively-managed funds tend to have higher fees than passive funds.
- Performance fees. Booster charges a fee on funds that outperform set expectations.
- Exit fee. While it is free to join Booster and switch between the available KiwiSaver plans, you will be charged an exit fee of $30 when you close your account.
We encourage you to clarify with Booster the exact fees you might have to pay before investing. The precise amount could depend on your chosen fund type and account balance.
What other products does Booster offer?
Besides KiwiSaver funds, Booster has a range of other financial products to consider.
- Investment funds. Booster offers investment funds like the Private Land and Property Fund, NZ Innovation Booster and Tahi investment scheme. These invest in an array of specialised assets to help you meet your investment aims.
- Superannuation schemes. Booster’s superannuation schemes include UK pension transfers which help you integrate your past UK pension balance with a KiwiSaver fund.
- mybudgetpal. This platform helps you set budget goals, track your savings and implement spending limits.
- mybooster. An app that gives you a holistic view of your finances. It combines your bank accounts, investments, property, assets, debt and KiwiSaver schemes into one centralised dashboard.
How do I join Booster?
You can sign up online by visiting Booster’s KiwiSaver website. You’ll be asked to fill in a form with your name, email address, personal financial details, and desired funds.
To invest in the Booster KiwiSaver, you must first be eligible to join their scheme. You will generally need to be:
- A New Zealand citizen
- Entitled to live in New Zealand indefinitely
If you hold a temporary student, visit or work permit, you may not be eligible for the KiwiSaver scheme.
You may need to provide a copy of these documents during your application:
- IRD number (and your PIR)
- Driver’s license or New Zealand ID
Booster offers a huge number of KiwiSaver plans to cater to a wide range of savings goals. Regardless of your risk appetite and investment interests, Booster just might have the right KiwiSaver fund for you.
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