Several New Zealand KiwiSaver providers market options for members who want their savings to reflect their values, and they differ in how deep the screening goes, how much they disclose and what they cost. This page compares two dedicated ethical options, Booster’s Socially Responsible Investing (SRI) range and Pathfinder, provider by provider, and explains why ANZ, sometimes cited as an “ethical” bank option, doesn’t offer a comparable dedicated fund. What ethical investing means and how screening works is covered in our ethical KiwiSaver funds guide, and other provider pairs are in our KiwiSaver head-to-head comparisons.
The Ethical KiwiSaver Landscape
Most KiwiSaver providers apply some minimum exclusions (typically weapons and tobacco, as required by the responsible investment norms referenced in their statements of investment policy). Dedicated ethical providers go further, applying positive screening, engagement, and detailed ESG integration.
The spectrum in NZ runs roughly:
| Approach | Providers |
|---|---|
| Minimum exclusions only | ANZ, ASB, Westpac |
| Some ESG integration | Generate, Milford |
| Dedicated ethical range | Booster SRI |
| Ethical-first, all funds | Pathfinder |
Note: ANZ’s standard funds carry RIAA responsible-investment certification (baseline exclusions such as weapons and tobacco), but the main ANZ KiwiSaver Scheme has no separately branded ethical or ESG fund: its screening applies across its standard fund range rather than being a distinct product (the older OneAnswer scheme has one ESG-focused fund, the Select International Share Fund).
Quick Comparison: Ethical Providers
Providers are listed alphabetically.
| Feature | ANZ (standard funds) | Booster SRI | Pathfinder |
|---|---|---|---|
| Ethical scope | No dedicated ethical fund | Dedicated SRI range alongside standard funds | All funds ethical-first |
| Exclusions | Controversial and nuclear weapons, civilian firearms, tobacco, whaling, plus companies with material revenue from unconventional oil and gas, thermal coal or adult entertainment (same approach across all ANZ-managed funds) | Restricts investing in select activities such as fossil fuels, military weapons and whaling, subject to revenue thresholds, on top of the tobacco and controversial-weapons restrictions on all Booster funds | Fossil fuels, weapons and military contracting, gambling, tobacco, alcohol, adult entertainment and companies found in breach of international human rights standards, subject to revenue thresholds and a published exceptions register |
| Positive screening | ESG factors are considered when choosing investments; ESG-score selection is described only for the OneAnswer Select International Share Fund | No (negative screening with ESG factors considered in investment choices) | Yes (companies selected on environmental and social practices, including renewable energy and energy efficiency) |
| Shareholder engagement | Yes (engages with companies; stewardship updates and proxy voting records published, not specific to an ethical fund) | Yes (selective) | Yes |
| Growth fund fee | ~0.95% (standard Growth Fund’s total fund charges, June 2026 fund update; no dedicated ethical fund) | 1.23% on balances up to $200,000, tiered down to 0.41% above $2 million | 1.35% (total fund charges, year to 31 March 2026, per Pathfinder’s fund update for the quarter to 30 June 2026) |
| Member fee | None | $36/yr (charged only on balances over $500) | $27/yr (waived for under-18s and balances under $5,000) |
| 5-yr growth return (to 30 Jun 2026, after fees and tax) | 5.29% | Not independently re-verified (Booster’s standard High Growth fund: 6.65%) | 6.44% |
| Default provider | No | Yes (2021) | No |
| Non-screened funds at the same provider | All funds in the standard range (baseline exclusions still apply) | Yes: the Default Saver Fund and standard range don’t carry the SRI screens (some weapons and tobacco restrictions apply to all Booster funds) | None |
Fees indicative; check current provider product disclosure statements for exact rates.
More on each provider: Booster KiwiSaver review (its SRI range sits within the same scheme as the standard funds, so members can move between them without changing provider) and Pathfinder KiwiSaver review.
ANZ: No Dedicated Ethical Fund
The main ANZ KiwiSaver Scheme does not currently offer a separately branded ethical, responsible, or ESG-labelled fund. The older OneAnswer KiwiSaver Scheme has one ESG-focused fund, the Select International Share Fund, which invests mainly in international shares. ANZ’s standard fund range (conservative, conservative balanced, balanced, balanced growth, growth and high growth) carries RIAA (Responsible Investment Association Australasia) certification, and ANZ applies the same exclusions (including controversial and nuclear weapons, civilian firearms and tobacco) across its funds. This is a minimum-exclusions approach, not a dedicated ethical product.
What this means in practice:
- Exclusions apply across the standard funds, not in a distinct ethical-first fund, and ESG factors are also considered when choosing investments
- No separately named ethical fund in the main ANZ KiwiSaver Scheme’s fund list
- The fee is ANZ’s standard growth fund fee (~0.95% in its June 2026 fund update), as there’s no dedicated ethical product
ANZ’s baseline exclusions are narrower than Pathfinder’s, which also adds positive selection.
Performance Comparison
Ethical fund performance is harder to benchmark because these funds may intentionally exclude sectors that did well in a given period (e.g., fossil fuels in certain years, weapons manufacturers during conflict periods).
Figures below are 5-year after-fee, after-tax returns to 30 June 2026, source: Sorted Smart Investor, except Booster SRI, which we have not independently re-verified as a separate line item (Booster’s standard High Growth fund returned 6.65% over the same period, for reference). Ordered by return.
| Provider | 5-yr growth return | Notes |
|---|---|---|
| Simplicity (for reference) | 7.23% | Passive; exclusions apply to all its funds, no separate ethical fund |
| Milford (for reference) | 6.60% | Active; exclusions (such as cluster munitions and tobacco) on direct holdings, no separate ethical fund |
| Pathfinder | 6.44% | Ethical-first |
| ANZ standard growth (for reference) | 5.29% | No dedicated ethical fund |
| Booster SRI | Not independently re-verified (Booster’s standard High Growth fund returned 6.65%) | Check Sorted for the SRI-specific figure |
Over this window, Pathfinder’s growth return was 0.16 percentage points a year below Milford’s and 0.79 below Simplicity’s. Past returns don’t predict future returns.
Checking Ethical Claims
“Responsible” and “sustainable” labelling in fund names is not standardised. Mindful Money, an independent charity, shows what KiwiSaver and other managed funds hold and publishes its own criteria for ethical funds, and each provider’s own policy documents (such as a Statement of Investment Policy and Objectives, SIPO, or a responsible investment policy) set out its screening.
How the Ethical Options Compare by Feature
| Feature | Which options have it |
|---|---|
| Ethical screening across all funds | Pathfinder (of the options compared here) |
| Ethical range within a default provider | Booster SRI range |
| Dedicated ethical fund in ANZ’s main KiwiSaver scheme | None (the older OneAnswer scheme has one ESG-focused international share fund) |
| Growth fund fee below 1% | Neither dedicated option on balances up to $200,000 (Booster SRI 1.23%, Pathfinder 1.35%); Booster’s fund charge is lower on the part of a balance above $200,000 |
| 5-year return confirmed from the provider’s fund update | Pathfinder (6.44%); Booster SRI’s figure not re-verified here |
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- Sorted Smart Investor: compares fees, returns and risk levels of KiwiSaver and managed funds.
- Disclose register: holds each fund's product disclosure statement and quarterly fund updates.
- The provider's latest fund update: gives the fund's current fees, returns and holdings.
Frequently Asked Questions
Is Simplicity ethical? Simplicity describes its approach as exclusion-based: its funds follow a responsibly screened index that avoids tobacco, alcohol, gambling, adult entertainment, fossil fuels, civilian arms, military weapons and nuclear power above revenue thresholds, and companies that have breached UN Global Compact principles, but it does not pick companies on ethical grounds. Its passive index funds hold the broad market. Booster SRI and Pathfinder offer dedicated ethical investing.
Does ethical KiwiSaver underperform? In this data, Pathfinder’s growth fund (6.44% after fees and tax over 5 years to 30 June 2026, per Sorted Smart Investor) sits within about a percentage point of most mainstream growth funds, including Milford (6.60%), and below Generate (8.03%). It is above ANZ (5.29%).
How are ethical claims checked? Mindful Money (mindfulmoney.nz) is an independent charity that shows what KiwiSaver funds hold and publishes its criteria for ethical funds, and each provider’s own policy documents (such as its Statement of Investment Policy and Objectives, SIPO, or a responsible investment policy) set out a fund’s approach.
How does switching providers work? You can switch KiwiSaver provider at any time. The new provider arranges the transfer (IRD says about 2 weeks), and your old provider may charge a transfer fee. See our switching KiwiSaver providers guide.
What to Read Next
- Ethical KiwiSaver Funds: what ethical screening means
- Booster KiwiSaver Review: Booster’s funds, fees and features
- Pathfinder KiwiSaver Review: Pathfinder’s funds, fees and features
- ANZ KiwiSaver Review: ANZ’s funds, fees and features
- Bank vs Independent KiwiSaver NZ: how the two groups of providers differ
- KiwiSaver Fees Comparison: ethical funds alongside the full fee table
- KiwiSaver Fund Returns NZ: 5-year return tables
- Switching KiwiSaver Providers: how to move provider
- Aggressive KiwiSaver Funds: the fund type that high growth funds belong to