Booster KiwiSaver Scheme Review

Updated 11 August 2021
Summary of Booster KiwiSaver
  • Booster KiwiSaver ("Booster") offers 15 KiwiSaver funds, each with specific investing goals.
  • Booster offers socially responsible funds, single-sector and specialty funds (e.g. funds which use gearing to amplify returns or hedging to shield against volatility), diversified funds and asset-classed funds.
  • With 15 funds, few KiwiSaver providers (outside of the banks) offer so much options within one KiwiSaver scheme.
  • Booster is also one of nine government-appointed default KiwiSaver providers.
  • Booster KiwiSaver funds have two main fees – a membership fee and a management fee. For some funds, a portion of the fund’s investments may also be subject to a performance fee (if the returns exceed expectations). Performance fees are standard for many actively managed funds.
  • Switching between any Booster KiwiSaver fund is free. There are no joining fees, but there is a $30 exit fee if you close your account and leave the scheme.
  • Booster goes beyond bond, shares and cash deposits. Recent media reports talk about Booster investing in vineyards, land and other long-term assets and New Zealand companies. These investments are owned by Booster Tahi LP, a fund which the Moderate, Balanced, Balanced Growth, High Growth, Shielded Growth and Geared Growth Funds have the right to invest in. What this means is that if you're in any of these funds, some of your money will be invested with non-traded companies, such as the recently purchased Mahana Estate winery.
  • Booster is a New Zealand owned and operated financial services company
  • Booster offers up to $50,000 free Accidental Death Cover as a Booster KiwiSaver Scheme member benefit (T&C apply)

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Read this First: Fees, Performance and Understanding What's Best For Your Situation
A lot of media attention focuses on KiwiSaver fees, but this is only one thing to consider when picking the most suitable provider and fund for your retirement needs. Being comfortable with what you're investing in is the most important aspect of saving for your retirement.

With 15 fund options available, Booster KiwiSaver offers investors a range of actively managed funds aiming to beat the market. With active management often comes higher fees, and media reports have suggested one Booster fund charged the most recently. However, the higher fees were largely down to classification of external costs, and not Booster charging its investors high fees. As of 30 September, no fund charged more than 1.75% p.a (which is the Booster Geared Growth fund). and the average total fees were around 1.20% p.a. This also includes all performance fees charged. 
Our Review 
In this guide, we outline what the Booster KiwiSaver scheme is, what funds they offer, and how the funds are different from other (similar) funds. We also look at alternative funds, and the level of fees involved.
 
Please note: MoneyHub is not a Financial Adviser, and this guide has been published to explain the investment fundamentals and outline the pros and cons of Booster KiwiSaver as a KiwiSaver investment option.
​
This Guide covers:

An Introduction to Booster

  • Booster Investment Management Limited, a fund manager, is the manager of the 15 Booster KiwiSaver Scheme funds.
  • Up-to-date fund performance data is available every month for each of the 15 funds on the Booster website.
  • Booster groups its 15 funds into four key fund options, with each fund having a specific focus and asset class. These include:
  1. Multi-sector Funds - these funds make up over 80% of Booster KiwiSaver's total investments. The six funds include the Capital Guaranteed Fund, Default Saver Fund, Moderate Fund, Balanced Fund, Balanced Growth Fund and the High Growth Fund.
  2. Socially Responsible Investment Funds - these three funds include the Socially Responsible Moderate Fund, the Socially Responsible Investment Balanced Fund, and the Socially Responsible Investment Growth Fund.
  3. Single-sector and Specialty Funds -  smaller in size and members, these three funds include the Shielded Growth Fund, Enhanced Income Fund, and the popular Geared Growth Fund. 
  4. Asset Class Funds - these seven funds include the Asset Class Conservative Fund, Asset Class Balanced Fund, the Enhanced Income Fund,the Socially Responsible Moderate Fund, the Socially Responsible Investment Balanced Fund, and the Socially Responsible High Growth Fund.
  • Each of the 15 funds has a unique risk indicator (1 = lowest, 7 = highest) and an annual fund charge, as well as distinct investment profiles.

The three Booster KiwiSaver Fees - Membership, Management and Performance

To understand the total fees charges, we explain them separately.
  1. Membership fee - if you sign up to any Booster fund, there is an annual $36 membership fee ($3 per month)
  • Booster’s annual fund charges has two main components:
  • Management fee - these are fees that Booster charges for operating the fund, and differ depending on the fund you're in (as some cost more to operate than others). The lowest fee is charged by the Default Saver Fund (0.38% p.a., which invests in low-risk assets like fixed-interest deposits). The highest fee is charged by the Geared Growth Fund (1.75% p.a., which borrows money to invest in shares with the aim of outperforming the market).
  • Performance fee - Six funds are subject to a performance fee on the portion of the assets that they invest in unlisted NZ companies through Booster’s Tahi fund; the Moderate, Balanced, Balanced Growth, High Growth, Shielded Growth and Geared Growth Funds. Each fund has to meet a certain performance level, called a 'hurdle', to trigger the performance fee. Currently, this happens when the return (before tax and fees) is 5% above the New Zealand 90-day bank bill rate. As this rate is very low, it's probable that a management fee will be charged.
  • When this 'trigger' happens, a portion of the 'excess' return is payable to Booster. However, to limit the impact of the performance fees on KiwiSaver investors, there is a cap on the annual fund charge in each fund. This means that if you're invested in one of the six funds, you can never pay more than the following annual management fee:
  1. ​High Growth Fund 1.99%
  2. Balanced Growth Fund 1.76%
  3. Balanced Fund 1.71%
  4. Moderate Fund 1.44%

Understanding the Booster funds, their performance and where the money is invested

  • Booster Investment Management Limited, a fund manager, is the manager of the 15 Booster KiwiSaver Scheme funds.
  • Most of the funds have been operating since 2014, and each has a distinct investment profile. 
  • Because 90% of the total funds invested in Booster KiwiSaver come from the eight funds within the Multi-sector and Socially Responsible Investment sectors, we have chosen to look at these eight funds in detail. For fee information about the other eight funds, we suggest looking at Sorted's Fundfinder tool.
  • Our review look at each fund's risk, expected return, suggested minimum investment period, where and what it invests in, and a brief summary of the fund.​
​
1: Booster Capital Guaranteed Fund
  • Risk factor: 2
  • Annual fund charge: 0.91%
  • Performance fee applies? No
  • Expected investment return (after fees but before tax): At least 1.5% per year above inflation over any two year period.
  • Minimum suggested investment time frame: 2 years

Investment Composition:
  • Cash and cash equivalents 60%
  • International equities 10%
  • Australasian equities: 5%
  • New Zealand fixed interest 15%
  • International fixed interest 10%

The Booster Capital Guaranteed Fund does, as its name suggests, offer a guarantee of your investment, meaning what you invest will never decrease over a 12-month period. The fund’s objective is to provide relatively consistent returns.

Our view: This is one of Booster KiwiSaver’s less aggressive funds, with most of your money being invested in income assets and only includes a small amount of growth assets. With the capital guarantee, this is a popular fund for those needing to protect their KiwiSaver balance right before a big event, such as retiring or buying a first home. 
2: ​Booster Default Saver Fund
  • Risk factor: 3
  • Annual fund charge: 0.38%
  • Performance fee applies? No
  • Expected investment return (after fees but before tax): At least 2.0% per year above inflation over any three year period. 
  • Minimum suggested investment time frame: 3 years

Investment Composition:
  • Cash and cash equivalents 20%
  • New Zealand fixed interest 35%
  • International fixed interest 25%
  • International equities 11%
  • Australasian equities 7%
  • Listed property 2%

Our view: This is Booster KiwiSaver's default fund, and invests mainly in income assets, with a small allocation in growth assets. It is expected to give relatively modest returns. Most of the money is invested in term deposits, bank deposits and government debt. If you are in this fund by default and plan to invest with KiwiSaver for the long-term, there are other more suitable funds available within Booster, which we outline in this review.

We asked Booster about this fund - their investment team said that the fund is "designed more as a temporary holding fund for default members and is expected to give relatively modest returns". Booster also said it "encourages members to make an active choice to change funds if this one isn’t best suited to their needs".
3: Booster Moderate Fund
  • Risk factor: 3
  • Annual fund charge: 1.14%
  • Performance fee applies? Yes - if met, the maximum management fee charged is 1.44% p.a
  • Expected investment return (after fees but before tax): At least 2.5% per year above inflation over any four year period.
  • Minimum suggested investment time frame: 4 years

Investment Composition:
  • Cash and cash equivalents 15%
  • International equities 19%
  • Australian equities: 12%
  • Listed property 4%
  • New Zealand fixed interest 30%
  • International fixed interest 20%

Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and has New Zealand government bonds, and term deposits with a number of NZ banks.

Our view: This is Booster KiwiSaver's middle-of-the-road fund, giving investors some exposure to growth shares and property (35%) and safety with 65% of funds in term deposits, bank deposits and government debt. The returns are likely to be consistent, and there is a possibility of capital gain given the sharemarket investments.
4: Booster Balanced Fund
  • Risk factor: 3
  • Annual fund charge: 1.24%
  • Performance fee applies? Yes - if met, the maximum management fee charged is 1.71% p.a
  • Expected investment return (after fees but before tax): At least 3% per year above inflation over any five year period.
  • Minimum suggested investment time frame: 5 years

Investment Composition:
  • Cash and cash equivalents 2%
  • International equities 30%
  • Australasian equities: 18%
  • Listed property 7%
  • New Zealand fixed interest 17%
  • International fixed interest 26%
​
Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and shares in companies like A2 Milk and Sileni Wines. It also has term deposits with a number of NZ banks.

Our view: This is Booster KiwiSaver's balanced fund, meaning it's around 55% growth and 45% income generating. It's Booster's most popular fund, with almost $600m invested. Those wanting higher returns and more sharemarket investments can consider the funds listed below. 
5: Booster Balanced Growth Fund
  • Risk factor: 4
  • Annual fund charge: 1.29%
  • Performance fee applies? Yes - if met, the maximum management fee charged is 1.76% p.a
  • Expected investment return (after fees but before tax): At least 4% per year above inflation over any seven-year period.
  • Minimum suggested investment time frame: 7 years

Investment Composition:
  • Cash and cash equivalents 2%
  • International equities 41%
  • Australasian equities 25%
  • Listed property 9%
  • New Zealand fixed interest 9%
  • International fixed interest 14%

Recent top 10 holdings include: The fund invests in a range of Vanguard funds, (Ethically Conscious, International Shares Select, Fixed Interest Index, Emerging Markets Share Index, among others), and shares in companies like A2 Milk, Auckland Airport, Fisher & Paykel Healthcare and Sileni Wines. It also has term deposits with a number of NZ banks.
​
Our view: The Booster Balanced Growth Fund invests 75% of its money into growth assets, and a small 25% in term deposits, bank deposits and government debt. With around $300m invested, it is Booster's third most popular KiwiSaver fund. 
6: Booster High Growth Fund
  • Risk factor: 4
  • Annual fund charge: 1.34%
  • Performance fee applies? Yes - if met, the maximum management fee charged is 1.99% p.a
  • Expected investment return (after fees but before tax): At least 5% per year above inflation over any ten year period.
  • Minimum suggested investment time frame: 10 years

Investment Composition:
  • Cash and cash equivalents 2%
  • International equities 54%
  • Australasian equities 32%
  • Listed property 12%

Recent top 10 holdings include: The fund invests in a range of Vanguard funds and holds shares in companies like Visa, Amazon, Microsoft, A2 Milk and Silini Wines. 

Our view: The Booster High Growth Fund invests exactly how it should do, with 98% in shares and property. This means that day-to-day returns will be volatile, but over the long-term, the aim is to beat market indexes. With around $425m invested, it is Booster's second most popular KiwiSaver fund. 
7: Booster Socially Responsible Investment Balanced Fund
  • Risk factor: 3
  • Annual fund charge: 1.27%
  • Performance fee applies? No
  • Expected investment return (after fees but before tax): At least 3% per year above inflation over any five year period.
  • Minimum suggested investment time frame: 5 years

Investment Composition:
  • Cash and cash equivalents 2%
  • New Zealand fixed-interest 17%
  • International fixed-interest 17%
  • Australasian equities 18%
  • International equities 30%
  • Listed property 7%

Recent top 10 holdings include: The fund invests in internationally-regarded socially responsible funds, such as Vanguard Ethically Conscious, UBS World Socially Responsible and the Vaneck Vectors International Sustainable fund. It also holds shares in A2 Milk Company Limited, Fisher & Paykel Healthcare, Auckland Airport and Spark, among others.

Our view: The Booster Socially Responsible Balanced Fund puts 55% of its investments into high-growth assets, keeping 45% in fixed-interest such as term deposits with banks. The fund avoids investing in anything in the tobacco, alcohol, gambling, armaments and fossil fuel industries. With around $110m invested and sits in the middle of the three Socially Responsible funds in terms of expected risk and return.
8: Booster Socially Responsible Investment (SRI) Growth Fund
  • Risk factor: 4
  • Annual fund charge: 1.32%
  • Performance fee applies? No
  • Expected investment return (after fees but before tax): At least 5% per year above inflation over any ten year period.
  • Minimum suggested investment time frame: 10 years

Investment Composition:
  • Cash and cash equivalents 2%
  • Australasian equities 32%
  • International equities 54%
  • Listed property 12%

Recent top 10 holdings include: The fund invests in internationally-regarded socially responsible funds, such as Vanguard Ethically Conscious, UBS World Socially Responsible and the Vaneck Vectors International Sustainable fund. It also holds shares in A2 Milk Company Limited, Fisher & Paykel Healthcare, Auckland Airport and Spark, among others.

Our view: The Booster Socially Responsible Investment Growth Fund puts 98% of its investments into high-growth assets, and is suitable for long-term investors only. We expect day-to-day returns to be volatile, but over the long-term, the aim is to beat market indexes while avoiding investments in the tobacco, alcohol, gambling, armaments and fossil fuel industries. With around $130m invested, it is a very popular Booster KiwiSaver fund.
Summary
  • The eight major Booster funds offer a choice for any investor, from the conservative wealth-protector to the socially-minded and the growth-hungry.
  • As is the case with any KiwiSaver fund, the higher the proportion of equity investments, the more aggressive the fund and the expectation of a higher return.
  • Please remember that past performances do not indicate future results, but generally the characteristics of how each fund behaves remain the same. 

Booster's Unique Selling Point - Tahi Fund, Innovation Fund and the Private Property and Land Fund

There are regular mentions in the media of Booster's special investment funds - examples include this Stuff.co.nz article, and another here. We contacted Booster to ask them to explain their specialist funds in detail, and have summarised and edited the response below:

​Tahi Fund
  • Tahi is Booster’s special investment fund set up to support privately owned small to medium-sized New Zealand companies.
  • It specialises in 'unlisted investments' which means buying shares in companies that aren't listed on share markets, that aren’t usually available to everyday New Zealanders.
  • The Tahi Fund has grown significantly and now includes wineries, avocado orchards, and a motorsport company.
  • Tahi is a long-term partner in these companies. Investors in some of Booster’s KiwiSaver funds get access to these unique investment opportunities.
 
NZ Innovation Booster Fund
  • The NZ Innovation Booster Fund (NZIB) partners with the University of Otago and Victoria University of Wellington to provide investment funding for fledgling companies to take them to the next stage of development or commercialisation.
  • Like the Tahi Fund, Booster KiwiSaver members can access these 'off-market' science and technological innovations that everyday investors wouldn’t normally have access to. 
 
Private Property and Land Fund
  •  The Private Land and Property Fund (PLPF) is an investment fund which invests in unlisted productive land and property assets, often agricultural and horticultural land.
  • The land (or property) is typically rented by a company looking to grow or supply crops and the rent or net proceeds from the crop produces an income stream which investors can choose to receive either as a quarterly pay-out or as a reinvestment back into their holdings.
  • The PLPF offers advantages in that it is more diversified than typical direct or syndicate property investments and less volatile than listed property assets.
  • The fund is also a listed company on the NZX, unlike Booster’s other unlisted investment funds (Tahi and NZIB). 

Booster KiwiSaver - What You Need to Know

Claims made by Booster:

"Booster offers three certified socially responsible investment funds for KiwiSaver members, so you can become an ethical investor". 
Is it true?
  • Yes - the three funds (Booster Socially Responsible Investment Moderate Fund, Booster Socially Responsible Investment Balanced Fund and Booster Socially Responsible Investment Growth Fund) actively invest in ethical investments. Both funds are popular, with around $250m invested in total. Investments exclude companies operating in the tobacco, alcohol, gambling, armaments or fossil fuel industries.
  • Both of Booster’s socially responsible investment funds have been independently certified as Responsible Investment Funds by RIAA.

"We offer great member benefits, access to financial advice and tools to raise your money know-how".
Is it true?
  • Yes. Booster offers free accidental death insurance benefit (limited to $50,000) to all contributing members. It also offers free member fees for anyone with less than $500 in their KiwiSaver fund. 
  • Booster also offers tools and guidance via its ThinkMoney website, which is updated regularly with useful information. 
  • Booster has recently launched its new budgeting tool, mybudgetpal, to help its members understand their expenditure and help them to make better financial decisions. You can read our review of mybudgetpal here.
  • Booster members can manage their accounts online with mybooster, or via the Booster NZ app. mybooster allows members to update their details, check their KiwiSaver and investment accounts and switch funds. It can also be used to create a wealth platform for the member – they can bring together all of their financial details to get an overall picture of their wealth.
  • Booster members can also access financial advice on their KiwiSaver account, at no extra cost.

Who is Booster KiwiSaver Suited To?

  • With free member fees for anyone with balances less than $500, Booster is immediately attractive to students and anyone joining KiwiSaver. Best of all, Booster's 15 funds (grouped under Conservative, Balanced and Growth) offer something for everyone.
  • Some of the multi-sector funds invest in private investments, such as wineries and startups, while the ultra-aggressive Booster Geared Growth Fund borrows money to invest and reports some of the highest five-year returns among 200+ KiwiSaver funds.
  • If you're looking for an actively managed fund supported by investment experts and analysts, the Balanced, Balanced Growth, SRI and High Growth funds are among the most popular Booster KiwiSaver options.
​
Standout Features:
  1. The free member fees for anyone with less than $500 in their fund - $500 is what you would earn with $8,000 of earnings at a 3% contribution rate, so it's perfect for a student or part-time worker.
  2. Booster invests in New Zealand startups and established companies through its specialist investment fund (Tahi) and its NZ Innovation Booster fund. This means some of the multi-sector funds can be allocated to investments with high growth potential. 
  3. A focus on SRI (Socially Responsible Investment) and long-standing market-leading performance offers investors ethical investment with a proven track record of successful returns. 
  4. It's free to change funds; the monthly membership fee means you can move between funds as often as you like.
  5. Fees range from around 0.38% to 1.75%, depending on what fund is selected.
  6. Booster also offers free Accidental Death Cover, up to $50,000 (T&C do apply). No other KiwiSaver provider offers this benefit.

Be aware:
  1. As with any investment, markets go up and down. The Dotcom bubble in the early 2000s sank global sharemarkets, as did the 2008 Global Financial Crisis. While many global sharemarkets are now at record highs, this is no guarantee of future earnings.
  2. The investments made by Tahi and the NZ Innovation Booster funds in relation to their investment in Tahi are usually specialist assets and therefore may be riskier than other standard equity investments. They also may take longer to sell should Booster's management wish to divest.
  3. Booster charges performance fees on some funds, but these are capped to be very reasonable and will only be charged when a fund performs well above expectations. This means the fund manager makes money for its work, but you make the most.
The Bottom Line
  • Overall, Booster delivers on all it promises, and is a refreshing player in the KiwiSaver market. Its three certified socially responsible investment funds have a good track record of performance, meaning being ethical doesn't cost you money.
  • The are no joining fees, but you will be charged a $30 exit fee if you leave Booster for another provider. You can transfer between funds for free as many times as you want.
  • The funds are active funds, and unlike Simplicity, for example, do not follow or recreate a benchmark of a sharemarket index. Booster's investment managers will regularly pick undervalued equities and invest directly in New Zealand companies. The goal is to see the value of the investments rise in the short, medium and long term (depending on the investment). This has more risk but also has the potential for greater returns.
  • Depending on your KiwiSaver balance, other funds on other platforms can have cheaper management fees.

6 things to know about Booster KiwiSaver

Booster offers exclusive perks that save you money

  • Booster waives ALL member fees for KiwiSaver members who select the Default Fund until your savings reach $10,000. In all other funds, the threshold is $500. 
  • Booster also offers free accidental death benefit cover with any fund, with a policy generously paying out $50,000. No other KiwiSaver provider offers this cover (although terms and conditions do apply).
  • More details can be found here.​

It doesn't matter what your employer's default KiwiSaver provider or fund is - you can select Booster KiwiSaver and the fund you want

Booster is 100% New Zealand owned and operated, and has been looking after New Zealanders for over 20 years. It is also a default KiwiSaver scheme appointed by the government. No matter what your employer's default KiwiSaver scheme is, any KiwiSaver member has the right to pick any one of the 25+ providers and the fund they want. So while Booster KiwiSaver may be unknown to your employer, you're 100% entitled to select it as your provider, or switch to it. 

There is no minimum investment and it's easy to take contribution holidays

As a Booster KiwiSaver member, you'll pay the monthly membership fee. This gives you the freedom to invest as you like. And if you want to contribute to your fund at a level above your fixed salary contribution, you can do this by contacting the client services team. 

Dividends your fund(s) receive are reinvested, meaning more cash is invested on your behalf

Many of Booster's funds invest in shares, and many will pay dividends. These cash payments represent the profits from companies returning it to the shareholders, i.e. you. When a company declares a dividend, your fund will receive money, and it is re-invested into more shares, growing the value of your fund. Despite being a cash payment, and as is the case with ALL KiwiSaver funds, there is no option to take this money as cash until you turn 65. 

Booster offers a choice of many actively managed funds, and is orientated towards picking market-beating shares

Booster is a growth-focused KiwiSaver provider, with an experienced team responsible for delivering market-leading returns. Booster has been in business for over 20 years and collectively has ove $3 billion under management. 

​Just as Booster offers a wide range of KiwiSaver funds, it also offers funds that focus on growth, income and socially-responsible investments. For more information, detailed fund reports can be found on the Booster website.

​Signing up isn't complicated, but you’ll need to decide what fund to invest in first

Signing up to Booster is effortless, but you’ll need to decide your fund first. Our fund review above is designed to explain the different options and what they invest in. However, Booster offers many more funds, including the 'Shielded Growth Fund' and the 'Asset Class Growth Fund', among others. To understand how they perform, what they invest in and the fees, refer to the latest data in Booster's quarterly fund updates.

Generally, if you're looking for a safe investment with the lowest risk of seeing your original investment fall, a conservative fund, i.e. one that invests in little equities, could be a suitable option. If you're looking for a higher return and are prepared to have your money in higher risk investments which could fall in value, balanced and growth funds operate in this manner.

If you're not sure of what to invest in and want to have a range of options to pick from, look at the latest Morningstar data (our video explains how to find this in a couple of minutes). 

Our Conclusion​

  • We like that Booster offers $0 fees to anyone with balances under $500, which makes the scheme attractive to younger KiwiSaver members.
  • Booster offers 15 funds, meaning there's something for nearly every KiwiSaver member.
  • With 'balanced' and 'growth' orientated funds, which are Booster's most popular funds, investors get exposure to the New Zealand sharemarket, Australian sharemarket and leading international funds run by Vanguard.
  • Those wanting socially responsible and ethical funds have the choice of two funds which have consistently reported market leading results.
  • Booster as a KiwiSaver scheme and fund manager has a long investment track record of actively managing clients’ investments for consistent performance, while the unique Geared Growth Fund has provided market leading returns.
Do you have an experience with Booster you would like to share with our readers? Email our research team who would be delighted to hear from you. 

How does Booster compare with other options?
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