Generate has lowered its KiwiSaver and Managed Fund fees from 1 December 2025 — and continues to provide actively managed funds with proven long-term performance.
With more than 180,000 Kiwis now choosing Generate, it’s harnessed its investing power to pass the savings on to Generate members, while continuing to provide award-winning service and consistently strong long-term returns.
Generate KiwiSaver Scheme fee drops
Fund fees have dropped for all funds except the CashPlus fund (which already has the lowest fees at 0.40%) and the Australasian fund. That includes Conservative, Moderate, Balanced, Growth, Focused Growth, Thematic and Global.
Generate KiwiSaver fund
Old fee
New fee*
CashPlus
0.40%
0.40%
Conservative
1.09%
1.08%
Moderate
1.14%
1.13%
Balanced
1.24%
1.22%
Growth
1.25%
1.23%
Focused Growth
1.27%
1.25%
Australasian
1.19%
1.19%
Thematic
1.19%
1.18%
Global
1.19%
1.18%
*estimates
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No more admin fees for young Kiwis
What’s more, Generate has removed its monthly admin fee for all members under 18. Generate recognises the importance of encouraging young Kiwis into long-term savings, and wants to make it even more rewarding for them to watch their KiwiSaver balances grow.
Generate Managed Fund fee drops
Managed Fund fees have dropped at least 2 basis points (and in some cases 3) for all funds: Thematic, Australasian, Global, Focused Growth, Balanced, Conservative, Fixed Interest and CashPlus.
Generate Managed Fund
Old fee
New fee*
CashPlus
0.48%
0.46%
Fixed Interest
0.85%
0.83%
Conservative
1.17%
1.15%
Balanced
1.32%
1.29%
Focused Growth
1.36%
1.31%
Australasian
1.27%
1.25%
Thematic
1.27%
1.25%
Global
1.27%
1.25%
* estimates
Why long-term returns matter more than fees in KiwiSaver
A fee reduction is always good news, but when it comes to growing your KiwiSaver balance, fees are only one part of the story. Generate’s expert KiwiSaver advisers often answer questions like:
- Do KiwiSaver fees really matter?
- Is performance more important than fees?
- How do I get the best long-term KiwiSaver returns?
- Which KiwiSaver provider has the best long-term performance?
The answer is simple: Fund performance is what really grows your money.
Your long-term returns after fees will help determine how much money you’ll actually have in your KiwiSaver account by the time you reach retirement.
Even a small difference in yearly returns can add up to tens of thousands of dollars more by the time you need it. That’s why comparing KiwiSaver providers on fees alone won’t give you the full picture.
For most people the goal is to maximise their KiwiSaver savings – not necessarily pay the lowest fees, as this may not mean the best KiwiSaver returns.
Why Generate focuses on long-term performance
Generate is an active investment manager. That means its investment team is hands-on every day, looking for opportunities to grow members’ savings. And it shows in the numbers.
In the latest independent Morningstar KiwiSaver survey, Generate’s three flagship KiwiSaver funds have once again delivered strong long-term results — giving members confidence that their money is working hard for them.
- The Generate Moderate Fund ranked 1st out of 13 funds for 10-year returns to 30 September 2025 – with a 6% annualised return. It’s ranked first in this category every quarter it's been eligible since June 2023.
- The Generate Focused Growth Fund ranked 2nd out of 8 funds for 10-year returns, to 30 September 2025 – with a 10.2% annualised return. It’s held one of the top three spots on the podium for 10-year returns every quarter since June 2023.
- The Generate Growth Fund ranked 3rd out of 14 funds for 10-year returns to 30 September 2025 – with a 9.3% annualised return. It’s been in the top three for 10-year returns every quarter it's been eligible since June 2023.
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New documentation
SIPO
- We have updated our Statement of Investment Policy and Objectives for both the Generate KiwiSaver Scheme and our Generate Unit Trust (Managed Funds) Scheme. The changes provide greater flexibility to utilise derivatives to manage credit risk, facilitate exposure to international equities and hedging.
- We have also changed the Fixed Interest Fund Benchmark, to utilise a Bloomberg Index.
PDS and OMI
- Risk indicator for Moderate KiwiSaver fund, SS 61-64 and SSG 61-75 have all changed from 4 – 3.
- Changes to Government contributions – halved rate and high earners no longer eligible.
- Phased increase in default contributions.
- Ability to opt out of increased default rates.
- Govt and employer contributions for 16- & 17-year-olds.
You can find the new documentation here.