AMP KiwiSaver Review (2026)

What is AMP?

AMP is one of New Zealand's long-established investment and retirement providers. Its main retail investment product is the AMP KiwiSaver Scheme, which offers a relatively large choice of funds rather than a single Conservative, Balanced and Growth range.

Outside KiwiSaver, AMP also offers five Managed Funds directly to individual investors.

The AMP KiwiSaver Scheme

The AMP KiwiSaver Scheme currently has 20 investment options across AMP's own funds, three Global Select funds and four Milford funds.

AMP also offers Lifesteps, an age-based investment programme that automatically moves members through different AMP funds as they get older. Members up to age 31 are invested in the AMP Aggressive Fund, before gradually moving through Growth, Balanced, Moderate Balanced, Moderate and finally Conservative from age 65.

AMP Managed Funds

AMP's core range includes diversified funds ranging from Conservative through to Aggressive, along with single-sector funds covering cash, fixed interest, Australasian shares and international shares.

Most of the main diversified AMP funds currently charge an estimated 0.79% a year, although fees vary by fund. For example, the AMP International Shares Fund currently charges 0.76% p.a.

AMP works with BlackRock on the investment management of these funds. AMP describes its approach as investing mainly using an index-tracking style, except where it believes a different approach may justify the additional cost.

Fees

AMP KiwiSaver Scheme fees depend on the fund and which group it belongs to.

AMP-branded funds (12)

The Defensive Conservative fund costs 0.44%.

Global Select funds (3)

Milford funds inside the AMP KiwiSaver Scheme (4)

AMP-branded funds also carry a flat $1.95 a month member fee on top of the fund fee.

Active or passive?

AMP is not purely an active fund manager.

Its core KiwiSaver and Managed Fund ranges use BlackRock for investment-management services, and AMP has said these portfolios invest mainly using an index-tracking approach, unless it believes active management is worthwhile in a particular asset class.

The Milford options are different. Those are actively managed Milford funds made available through the AMP KiwiSaver Scheme.

So the broader AMP KiwiSaver lineup combines AMP's largely index-based investment approach with third-party fund managers and strategies.

The bottom line

AMP has one of the more varied KiwiSaver lineups in New Zealand.

Its core AMP funds generally sit around 0.79% a year, while the Global Select range costs between 0.99% and 1.14% and the four Milford options cost between 1.24% and 1.69%. KiwiSaver members also pay a $1.95 monthly member fee.

The scheme's main advantage is choice: members can select from AMP funds, BlackRock-managed Global Select options and actively managed Milford funds within the same KiwiSaver scheme.

Outside KiwiSaver, AMP also offers five Managed Funds with no minimum investment and annual charges of roughly 0.78% to 0.82%.

Performance has also been competitive recently, with AMP ranking first in Morningstar's Growth category over the three years to June 2026. Past performance, however, isn't a reliable indicator of future returns.