Generate KiwiSaver Scheme has been run since 2013 by an Auckland-based active manager that applies ESG screening across all its funds. Its diversified funds’ estimated annual fund charges run from 1.08% to 1.25% (PDS dated 30 September 2026), plus a $36 a year membership fee for members aged 18 or over, and its Focused Growth Fund returned 8.03% a year after fees and tax over the 5 years to 30 June 2026. Generate is not a default provider, so IRD does not allocate people to it when they are auto-enrolled and do not choose a provider. This is one of our KiwiSaver provider reviews.
Generate at a Glance
| Feature | Detail |
|---|---|
| Provider type | Active fund manager (not a bank) |
| Established | 2013 |
| Default provider | No |
| Funds available | CashPlus, Conservative, Moderate, Balanced, Growth, Focused Growth, Thematic, Global, Australasian |
| Growth fund fee | 1.23% (Focused Growth: 1.25%) |
| Member fee | $36/year ($3 a month), members aged 18 or over |
| PIE fund | Yes |
| FMA regulated | Yes |
Generate’s Investment Approach
Generate is an active manager: its fund managers make active investment decisions rather than tracking an index. Generate says it incorporates environmental, social and governance (ESG) issues into its investment analysis and decision-making across its funds.
The Focused Growth Fund is Generate’s highest-growth diversified option, with a target of about 98% growth assets against 80% for the standard Growth Fund (PDS dated 30 September 2026).
Generate Fund Range
| Fund | Approx. asset allocation | Annual fee |
|---|---|---|
| Conservative | ~20% growth / 80% income | 1.08% |
| Moderate | ~40% growth / 60% income | 1.13% |
| Balanced | ~60% growth / 40% income | 1.22% |
| Growth | ~80% growth / 20% income | 1.23% |
| Focused Growth | ~98% growth / 2% income | 1.25% |
Estimated annual fund charges from Generate’s KiwiSaver PDS dated 30 September 2026 (checked October 2026). Generate also offers CashPlus (0.40%), Thematic (1.18%), Global (1.18%) and Australasian (1.19%) funds, nine KiwiSaver funds in all. The fund updates for the quarter to 30 June 2026 show what was actually charged in the year to 31 March 2026: Conservative 1.08%, Balanced 1.24%, Growth 1.25%, Focused Growth 1.27%. Members aged 18 or over also pay a $36/year membership fee. An earlier version of this table showed 1.20% to 1.39%, which overstated every fund. Confirm current figures in Generate’s PDS.
Performance
Generate’s Focused Growth Fund returned 8.03% p.a. over the 5 years to 30 June 2026 after deductions for charges and tax (Generate’s Focused Growth Fund update for 30 June 2026; 8.55% after charges but before tax). Its standard Growth Fund returned 6.74% p.a. over the same period.
Past returns are not a guide to future returns. Because Generate’s fund charges are above 1% a year, its after-fee result in future periods depends on its funds’ returns before fees continuing to exceed that cost. Other providers’ 5-year figures for the same period are in KiwiSaver fund returns compared.
Sorted Smart Investor provides standardised after-fee returns across all providers, comparable like-for-like by fund type and time period.
Generate’s Fees
Generate charges two fees: a percentage annual fund charge that differs by fund (1.08% for Conservative up to 1.25% for Focused Growth, in the table above) and a $36 a year membership fee ($3 a month) for members aged 18 or over. On a $50,000 balance in the Growth Fund, a 1.23% charge plus the membership fee comes to about $651 a year.
To set Generate’s fees against other providers’ funds of the same type, see KiwiSaver fund fees compared.
Features and Limitations
Features:
- Active management from an Auckland-based manager (not a bank)
- ESG screening across all funds
- Focused Growth Fund option (~98% growth assets)
- Focused Growth fund’s 5-year return was 8.03% a year after fees and tax to 30 June 2026
Limitations:
- Estimated annual fund charges of 1.08% to 1.25% on its diversified funds, plus a $36/year member fee
- Past returns are not guaranteed to continue
- Not a default provider
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.