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MAS KiwiSaver Review (2026)
MAS is a member-owned mutual with a seven-fund KiwiSaver scheme, fees from 0.25% to 0.95%, and no membership or performance fees.
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Brent Coleman
What is MAS?
MAS (Medical Assurance Society) is a mutual, which means it is owned by its members and has no outside shareholders to pay. It runs the MAS KiwiSaver Scheme, issued by Medical Funds Management Limited, with the investments managed by JBWere (NZ) Limited and Amova Asset Management New Zealand Limited.
What can you invest in?
The MAS KiwiSaver Scheme has seven funds: Global Equities, Aggressive, Growth, Balanced, Moderate, Conservative and Cash.
- Global Equities Fund: invests in international and New Zealand shares. JBWere is the lead investment manager, with BlackRock handling some of the investing.
- Aggressive, Growth, Balanced, Moderate and Conservative Funds: five diversified funds covering the range of risk between Cash and Global Equities.
- Cash Fund: 100% cash and short-term NZ fixed interest. It has the lowest risk rating (1 out of 7) and no minimum suggested timeframe.
Every fund in the scheme follows MAS's responsible investing policy, so you don't need to pick a separate ethical option.
Performance
MAS Moderate and MAS Cash both rank first in their Morningstar categories for 1-year returns to 30 June 2026, and MAS funds sit toward the top of the rankings across risk levels over three months and one year.
Fees
None of MAS's seven funds charges a membership or performance fee.
| Fund | Manager's basic fee | Other charges | Total fee (p.a.) |
|---|---|---|---|
| Global Equities | 0.89% | 0.06% | 0.95% |
| Aggressive | 0.87% | 0.08% | 0.95% |
| Growth | 0.86% | 0.09% | 0.95% |
| Balanced | 0.85% | 0.10% | 0.95% |
| Moderate | 0.78% | 0.14% | 0.92% |
| Conservative | 0.66% | 0.16% | 0.82% |
| Cash | 0.24% | 0.01% | 0.25% |
Contributions and withdrawals
Contributions. You can contribute 3.5%, 4%, 6%, 8% or 10% of your pay. The default is 3.5%. You can apply to Inland Revenue for a temporary reduction to 3%, and you can change your rate every three months. The government contribution is available from age 16 to 65 if you earn $180,000 a year or less.
First-home withdrawals. You need to have been a KiwiSaver member for three years, and $1,000 must stay in your account. Money transferred from Australian super can't be used. Withdrawals take up to 10 working days.
Australian super transfers. You can only transfer your full balance, and it can't later be moved on to a third country. There is no tax on the transfer. The money is locked in until age 60 if you've retired, and it doesn't count for government contributions or home withdrawals.
Scale
MAS has around $1.5 billion under management. That makes it smaller than Simplicity, Milford, Booster and Fisher Funds, though MAS reports high average member balances.
The bottom line
MAS offers a full seven-fund KiwiSaver range from a member-owned mutual, with a responsible investing policy across every fund. Its Global Equities, Aggressive, Growth and Balanced funds charge 0.95% p.a. and its Cash Fund charges 0.25% p.a., with no membership or performance fees.