Westpac KiwiSaver is sold through Westpac New Zealand, but the scheme provider and issuer is BT Funds Management (NZ) Limited, and BT Funds (Westpac), not the bank, holds the government default provider appointment. The scheme has eight funds from Cash to High Growth, charges no flat member fee, and has an independent supervisor, The New Zealand Guardian Trust Company Limited. This review sets out those funds, their fees, how the BT structure works and what it means for default members. It is one of our KiwiSaver provider reviews.
Disclosure: MoneyBalance does not have a commercial relationship with Westpac. This review is based on publicly available information. Check current fees, fund details and performance figures directly with Westpac.
For a comparison across providers, see KiwiSaver providers compared (2026).
Westpac KiwiSaver at a Glance
| Detail | Westpac KiwiSaver |
|---|---|
| Type | Sold through Westpac New Zealand (a distributor); scheme provider and issuer is BT Funds Management (NZ) Limited |
| Default provider status | Yes: BT Funds Management (Westpac) selected in the 2021 government review |
| Funds offered | 8 funds (Cash, Defensive Conservative, Conservative, Moderate, Default Balanced, Balanced, Growth, High Growth) |
| Management fee (approx) | 0.25% to 0.70% depending on fund (Sorted Smart Investor) |
| Member fee | No flat member fee |
| Member accumulations | About $12.59 billion at 31 March 2026 (scheme annual report) |
| Supervisor | The New Zealand Guardian Trust Company Limited |
| Regulated by | Financial Markets Authority (FMA) |
| Ethical/ESG option | No dedicated ethical fund; BT’s Sustainable Investment Policy exclusions apply across its funds |
Westpac’s Fund Range
Westpac’s KiwiSaver funds are run by BT Funds Management (NZ) Limited, the scheme provider and issuer; Westpac New Zealand Limited is a distributor of the scheme (scheme annual report, year to 31 March 2026).
| Fund | Approx growth/defensive split | Annual fee | Typical horizon |
|---|---|---|---|
| Cash | 0% / 100% | 0.25% | Capital preservation |
| Defensive Conservative | ~20% / 80% | 0.40% | Very short horizon |
| Moderate | ~35% / 65% | 0.40% | 1 to 5 years to goal |
| Balanced | ~55% / 45% | 0.50% | 5 to 15 years |
| Growth | ~80% / 20% | 0.55% | 15+ years |
| High Growth | ~100% / 0% | 0.70% | Longest horizon, highest risk tolerance |
Fees per Sorted Smart Investor (checked September 2026). Verify current fees at westpac.co.nz/kiwisaver.
For an overview of what growth and defensive assets mean across these fund types, see KiwiSaver fund types explained.
Westpac KiwiSaver Fees
Westpac charges only a percentage fee, with no flat annual member fee, so the cost is the same rate at any balance. In the Growth fund at about 0.55%, that is about $110 a year on $20,000, $275 on $50,000 and $550 on $100,000.
For reference, the growth-fund fees of the four big banks in the KiwiSaver fund fees comparison (September 2026), lowest first, are: BNZ 0.45%, Westpac about 0.55%, ASB 0.70% and ANZ 0.95% (ANZ’s actual charge in the year to 31 March 2026; its maximum is 0.98%), none of them with a flat member fee.
The BT Funds Management Structure
BT Funds Management, rather than Westpac New Zealand itself, is the scheme provider and issuer.
What this means practically:
- Investment decisions are made by BT’s investment team, not Westpac branch staff
- The fund management is separate from Westpac’s balance sheet
- The scheme has an independent supervisor, The New Zealand Guardian Trust Company Limited
For most members, the BT arrangement is invisible: you interact with Westpac’s app and customer service as normal. It matters when you read the scheme’s documents, which are issued by BT rather than by the bank.
Ethical Investing at Westpac KiwiSaver
Westpac does not offer a dedicated ethical KiwiSaver fund. The scheme’s annual report for the year to 31 March 2026 (checked October 2026) lists eight funds: Cash, Defensive Conservative, Conservative, Moderate, Default Balanced, Balanced, Growth and High Growth. Its manager, BT Funds Management, applies its Sustainable Investment Policy (updated in October 2025), which sets out its exclusion categories, across the funds it manages, so there is no separate ethical option to choose.
How others approach it: BNZ’s manager, Harbour, likewise applies exclusions across all its funds, and providers such as Booster (socially responsible funds) and Pathfinder offer dedicated ethical ranges. See ethical KiwiSaver providers compared.
Default Provider Status
BT Funds Management (Westpac) was one of the providers selected in the 2021 default review, so people enrolled without choosing a provider can be allocated to Westpac’s Default Balanced Fund, unlike ANZ and ASB, which left the default panel in 2021. Who the other default providers are, and what default allocation means, is in KiwiSaver default funds explained.
Features and Limitations
Features:
- No flat annual member fee
- Investment management by BT Funds Management
- Eight-fund range from Cash to High Growth, including a Default Balanced Fund
- Integrated with Westpac banking (Westpac’s mobile banking app)
- Management fees of about 0.25% to 0.70% depending on fund
Limitations:
- No dedicated ethical fund (standard exclusions apply across all funds)
- Growth fund fee (about 0.55%) higher than passive index funds such as Simplicity’s (0.23%)
- No automatic life-stage fund switching
Switching from Westpac KiwiSaver
Westpac members who move apply to the new scheme, and the new provider arranges the transfer of their savings (IRD says about 2 weeks); IRD says to check with your current provider whether it charges a transfer fee. Your first-membership date and any first-home withdrawal you have made are passed to the new provider, and the steps are set out in switching KiwiSaver providers.
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
What does Westpac KiwiSaver charge?
About 0.25% to 0.70% a year depending on the fund (Growth about 0.55%), with no flat member fee (Sorted Smart Investor, September 2026). Other providers’ fees are in the fund fees comparison.
What is BT Funds Management and how is my money held?
BT Funds Management (NZ) Limited is the scheme provider and issuer, and Westpac New Zealand Limited is a distributor of the scheme. The scheme’s supervisor is The New Zealand Guardian Trust Company Limited, and the scheme is regulated by the FMA. Investment values can still rise and fall with markets.
Does Westpac KiwiSaver have an ethical fund?
No. The Westpac KiwiSaver Scheme’s eight funds (Cash, Defensive Conservative, Conservative, Moderate, Default Balanced, Balanced, Growth and High Growth, per its annual report for the year to 31 March 2026) do not include a dedicated ethical fund; its manager, BT Funds Management, applies its Sustainable Investment Policy exclusions across the funds it manages. Dedicated ethical ranges are offered by providers such as Booster (socially responsible funds) and Pathfinder.
Can I be with Westpac KiwiSaver if I do not bank with Westpac?
Yes. KiwiSaver provider and bank are separate choices. You can have KiwiSaver with Westpac while banking with any other institution.
What fund am I in by default with Westpac?
If you were allocated to Westpac as a default member and haven’t chosen a fund, you’re likely in the Default Balanced Fund. Check Westpac’s mobile banking app or contact Westpac to confirm your current fund.
Key Takeaways
- Westpac KiwiSaver’s scheme provider and issuer is BT Funds Management (NZ) Limited; Westpac New Zealand is a distributor
- Management fees of about 0.25% to 0.70% depending on fund, with no flat member fee (Growth about 0.55%)
- A government-appointed default provider since the 2021 review, unlike ANZ and ASB
- There is no dedicated ethical fund: BT’s standard exclusions apply across all eight funds
- Eight funds from Cash to High Growth, including a Default Balanced Fund
For a comparison across NZ providers, see KiwiSaver providers compared (2026) and how to choose a KiwiSaver fund.