Amanah KiwiSaver now operates as the AE KiwiSaver Plan. It has a single fund, which invests in US-listed shares and cash under what its PDS calls a Strict Ethical Mandate: it rules out products whose return is based on interest, so it holds no bonds, and it excludes a list of industries including alcohol, gambling, pork and weapons of war. This is one of our KiwiSaver provider reviews.
What Is Amanah KiwiSaver?
The scheme now reports as the AE KiwiSaver Plan, managed by AE KiwiSaver Limited, whose parent company is Always-Ethical Limited (formerly Amanah Trust Management (NZ) Limited). Its supervisor is Trustees Executors Limited. It is a registered KiwiSaver scheme and a PIE, so members receive all standard KiwiSaver entitlements (employer contributions, the government contribution, first home access and so on).
You can join if you live or normally live in New Zealand and are a New Zealand citizen or permanent resident; the PDS sets no religious condition.
What makes it different is how and where your money is invested: everything goes through its Strict Ethical Mandate.
The Strict Ethical Mandate
The PDS describes the mandate in its own terms. It doesn’t use the word Shariah: it says the mandate is, “in the Directors opinion”, compliant with the requirements of the Abrahamic religions, and that investors concerned with religious compliance should seek advice from the leaders of their religion. A Canstar profile of the scheme describes its investments as following AAOIFI Shari’ah standards.
Prohibited investments under the mandate:
- Products whose return is based on interest, including money lending (which excludes banks, money lenders and insurance companies)
- Gambling and speculative investments, and derivatives
- Alcohol and tobacco
- Weapons of war
- Adult entertainment
- Gold and silver hedging
- Pork
- Leverage
- Fossil fuel exploration
Limits and tolerances:
- The fund itself doesn’t invest in these activities, but the companies it holds may, provided the prohibited activity is under 5% of the business; the PDS says the matching share of dividends is given to a charity for the poor (“purification”)
- Companies must also meet financial ratios: interest-bearing debt and interest-bearing investments each under 30%
- A holding that breaks the mandate is sold on the next trading day
- Cash is allowed, held in US or NZ dollars
Fund Options
The AE KiwiSaver Plan has one fund. The PDS says “This is the only Fund offered in the AE KiwiSaver Plan”.
| Feature | AE KiwiSaver Plan |
|---|---|
| Invests in | Units in AE Investor (up to 50 shares listed on the NYSE or Nasdaq) and/or cash |
| Target mix | Set by the manager’s investment committee; can range from 100% equities to 100% cash |
| Manager’s description | Aggressive, as it may have 90% to 100% of its assets in equities |
| Suggested timeframe | 5 years (minimum) |
| Management style | Active, “Absolute Return” style, managed in-house |
The PDS says the fund is not suitable for investors seeking a balanced or conservative investment, so there is no lower-risk option within the scheme.
Fees
Its fund update for the quarter ending 30 June 2026 (checked October 2026) shows total fund charges of 4.26% in the year to 31 March 2026, made up of a manager’s basic fee of 1.39% and other management and administration charges of 2.87%, plus membership fees of $32.40 a year.
On a $10,000 balance, total fund charges of 4.26% come to about $426 a year, plus the $32.40 membership fee. To set these figures against other providers’ funds, see KiwiSaver fund fees compared.
Standard KiwiSaver Benefits Apply
AE KiwiSaver Plan members receive the same government-backed KiwiSaver benefits as any other member:
- Employer contributions: minimum 3.5% from your employer (raised from 3% on 1 April 2026)
- Government contribution: up to $260.72/year if contributing $1,042.86+
- First-home withdrawal: available under the standard first-home eligibility rules
- Retirement withdrawal: full access from age 65
These benefits are the same regardless of which provider you’re with.
Features and Limitations
Features:
- A Strict Ethical Mandate that excludes interest-based products, alcohol, tobacco, gambling, weapons of war, adult entertainment, pork and fossil fuel exploration
- Directors’ opinion that the mandate meets the requirements of the Abrahamic religions (Canstar describes it as following AAOIFI Shari’ah standards)
- Open to New Zealand citizens and permanent residents who live in New Zealand, with no religious condition
- Can move between shares and cash as the manager judges market conditions
Limitations:
- High fees (total fund charges of 4.26% in the year to 31 March 2026, plus $32.40 a year in membership fees)
- One fund only, described by the manager as aggressive; no balanced or conservative option
- Concentrated: up to 50 US-listed shares, so returns depend heavily on one market and on the manager’s decisions
- Companies held may still earn up to 5% from prohibited activities
Other Providers With Ethical Screens
Several other KiwiSaver providers run ethically screened funds that exclude many of the same industries, but their exclusions and fees are set out provider by provider in ethical KiwiSaver providers compared.
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.