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Westpac KiwiSaver Review (2026)
The Westpac KiwiSaver Scheme is managed by BT Funds Management, with seven funds and fees from 0.25% to 0.70%.
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Brent Coleman
Who runs the Westpac KiwiSaver Scheme?
The Westpac KiwiSaver Scheme is issued and managed by BT Funds Management (NZ) Limited, with Westpac New Zealand Limited acting as the distributor.
BT Funds Management is part of the Westpac group, but money in the scheme is not a bank deposit or guaranteed by Westpac.
What can you invest in?
The scheme currently has eight funds:
- Cash
- Defensive Conservative
- Conservative
- Moderate
- Default Balanced
- Balanced
- Growth
- High Growth
They range from the Cash Fund, which holds 100% income assets, through to the High Growth Fund, which targets 100% growth assets.
The Growth Fund targets 80% growth assets and 20% income assets, while the Balanced Fund targets 60% growth assets and the Conservative Fund 25%.
The Growth Fund's largest investments include NVIDIA, Fisher & Paykel Healthcare, Infratil, Apple and Alphabet, alongside a wider portfolio of Australasian and international shares, bonds and listed property.
Performance
Westpac's recent performance has been strong relative to many category peers.
Fees
| Fund | Fee | Fund size (NZ$M) |
|---|---|---|
| Cash | 0.25% p.a. | 687.9 |
| Conservative | 0.40% p.a. | 3,222.2 |
| Moderate | 0.40% p.a. | 983.9 |
| Default Balanced | 0.40% p.a. | 1,079.5 |
| Balanced | 0.50% p.a. | 2,448.2 |
| Growth | 0.55% p.a. | 3,687.1 |
| High Growth | 0.70% p.a. | 1,202.7 |
Responsible investing
BT Funds Management, the manager of the Westpac KiwiSaver Scheme, was recognised as a Responsible Investment Leader for 2026 by the Responsible Investment Association Australasia.
It has now received that recognition for five consecutive years, from 2022 through 2026.
BT's sustainable investment approach includes exclusions covering areas such as controversial weapons and companies that breach minimum social safeguards.
Good to know
Money in the Westpac KiwiSaver Scheme is not a bank deposit or other liability of Westpac.
Neither BT Funds Management, Westpac, the scheme's supervisor — New Zealand Guardian Trust Company — nor any other person guarantees the scheme's performance, returns or repayment of capital.
The bottom line
The Westpac KiwiSaver Scheme offers eight funds ranging from Cash through to High Growth, with annual fund charges of 0.25% to 0.70% and no monthly member fee.
Its fees are below the current category averages published by Sorted Smart Investor, while most of its funds also ranked in the top quarter of their Morningstar categories for one- and three-year returns to June 2026.
The scheme is distributed under the Westpac brand but is issued and managed by BT Funds Management (NZ) Limited, which has also been recognised by RIAA as a Responsible Investment Leader.