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MAS KiwiSaver Scheme Review

Our guide to the MAS KiwiSaver Scheme looks at the fund choices, fees and options available to KiwiSaver members.
Updated 27 September 2025
Summary of the MAS KiwiSaver Scheme​
  • The MAS KiwiSaver Scheme offers seven KiwiSaver funds, with the aim of making market-beating returns by outsourcing management and investing to decision to trusted external managers.
  • Unlike schemes like Milford, Fisher Funds and Booster, MAS doesn't employ in-house investment managers, which likely keeps costs (invariably passed on to the investors) lower. Fund industry giants JBWere, Blackrock, Nikko and PIMCO via the Hunter Global Bond Fund, make all investment decisions.
  • Some KiwiSaver schemes have two fees – an annual membership fee (which is usually a flat amount of money) and an annual management fee (which is usually a percentage of your fund balance). The MAS KiwiSaver Scheme, rather helpfully, does not have any membership fees so there is just one figure (the annual fund charges) to consider.
  • Every MAS KiwiSaver Scheme fund has an average balance well above the national average, suggesting that many high-earning (and high contributing) New Zealanders have selected MAS as their KiwiSaver provider. We believe the driving force is the health profession's loyalty and commitment to MAS as a financial service provider.
  • The MAS KiwiSaver Scheme follows a Responsible Investing Policy (outlined here).
  • Medical Funds Management Ltd (MFM), the Manager of the MAS KiwiSaver Scheme, is a subsidiary of the Medical Assurance Society New Zealand Limited (MAS), which itself is a mutual society and therefore not a profit-focused company.
  • Switching between any MAS KiwiSaver Scheme fund is free. If you take your money to another fund, there are no joining fees or exit fees.
Read this First: Fees, Performance and Understanding What's Best For Your Situation
  • Much 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 seven fund options available, the MAS KiwiSaver Scheme offers investors a choice of actively managed funds without the limitation of performance fees which can be contentious.

Our Review 
In this guide, we outline the MAS KiwiSaver Scheme, what funds they offer to KiwiSaver members, how they're different from other funds, and look at alternatives and the level of fees involved.
 
Please note: MoneyHub is not a Financial Adviser. This guide has been published to explain the investment fundamentals and outline the pros and cons of the MAS KiwiSaver Scheme as a KiwiSaver investment option.
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This Guide covers:​
How does the MAS KiwiSaver Scheme compare with other options? ​
Advertising Disclosure: We include the funds below based on merit, although we may have commercial arrangements with specific innovative and market-leading schemes for general promotion. Our Advertising Policy has more details. We rely on Morningstar data for all fund returns information.

MAS KiwiSaver Scheme Fees

The table below outlines the seven different funds, their fees, suggested investment time frame (as guided by MAS) and the ratio of growth assets (i.e. shares) to income assets (i.e. term deposits and bonds) in the fund. 

​Source: MAS KiwiSaver Scheme updates.

Table 1 - MAS KiwiSaver Scheme Fees and Figures

Fund
Annual Fund Fee
(Management + Admin)
Minimum Suggested Investing Time Frame
Growth Assets vs Income Asset Ratio
Global Equities
0.99%
12 years
100:0
Aggressive
0.99%
11 years
95:5
Growth
0.99%
10 years
80:20
Balanced
0.99%
7 years
60:40
Moderate
0.95%
5 years
40:60
Conservative
0.85%
3 years
20:80
Cash
0.25%
No minimum
0:100

The Specs of the MAS KiwiSaver Scheme and Where Your Money is Invested

  • MAS outsources its portfolio management to lead investment manager JBWere, investment managers Nikko and PIMCO via the Hunter Global Bond Fund.
  • The MAS KiwiSaver Scheme offers seven actively managed funds, ranging in risk from a cash fund to a global equities fund, with fees between 0.25% and 0.99% p.a. Unlike most other KiwiSaver schemes, MAS does not charge an annual membership fee. 
  • The seven funds have distinct investment profiles, which we outline below:
​
1: MAS KiwiSaver Scheme Cash Fund
  • Risk factor: 1
  • ​Fee: 0.25% p.a.
  • Minimum suggested investment timeframe (per MAS): None. 
  • Investment Composition: Cash (100%)
  • ​Investor type: MAS' says the fund is "suitable for investors who require an investment with very low volatility".
  • Our view: This MAS fund invests in Cash and Cash Equivalents, which includes term deposits and short-dated (maturing within 12-months) fixed interest investments. The ability to invest in securities other than on call bank accounts should provide this fund a yield advantage over pure call accounts in this low interest rate environment.

2: MAS KiwiSaver Scheme Conservative Fund
  • Risk factor: 3
  • Fee: 0.85% p.a.
  • Minimum suggested investment timeframe (per MAS): 3 years.
  • Investment Composition: International Equities (14%), Australasian Equities (6%), International Fixed Interest (45%), New Zealand Fixed Interest (25%) and Cash & Cash Equivalents (10%)
  • Investor type: MAS' says the fund is "suitable for investors who want to take a more cautious approach and accept a smaller amount of investment risk to potentially achieve a more stable return".
  • Our view: This MAS fund invests 80% of its money in cash and cash equivalents and fixed interest investments and 20% of the money in shares.

3: MAS KiwiSaver Scheme Moderate Fund
  • Risk factor: 4
  • Fee: 0.95% p.a.
  • Minimum suggested investment timeframe (per MAS): 5 years
  • Investment Composition: International Equities (27.5%), Australasian Equities (12.5%), International Fixed Interest (35%), New Zealand Fixed Interest (19.5%) and Cash & Cash Equivalents (5.5%)
  • Investor type: MAS' says the fund is "investors who are prepared to accept some investment risk to potentially achieve a moderate return".
  • Our view: The Moderate Fund invests 60% into income assets; the fees are arguably relatively high for a moderate fund (just as they are for the Conservative Fund above).

4: MAS KiwiSaver Scheme Balanced Fund
  • Risk factor: 4
  • Fee: 0.99% p.a.
  • Minimum suggested investment timeframe (per MAS): 7 years
  • Investment Composition: International Equities (41.5%), Australasian Equities (18.5%), International Fixed Interest (22.5%), New Zealand Fixed Interest (14%) and Cash & Cash Equivalents (3.5%)
  • Investor type: MAS' says the fund is "suitable for investors who are prepared to accept a medium level of investment risk to potentially achieve a medium return".
  • Our view: This MAS fund is the flip-side of the Moderate fund and invests 60% of its money into shares and 40% into cash and cash equivalents and fixed-interest. This gives it more growth potential in the long run than any other non-growth focused fund, but that also comes with added risk.

5: MAS KiwiSaver Scheme Growth Fund
  • Risk factor: 4
  • Fee: 0.99% p.a.
  • Minimum suggested investment timeframe (per MAS): 10 years
  • Investment Composition: International Equities (55.5%), Australasian Equities (24.5%), International Fixed Interest (12%), New Zealand Fixed Interest (6.5%), Cash & Cash Equivalents (1.5%).
  • Investor type: MAS' says the fund is "suitable for investors who are prepared to accept a high level of investment risk to potentially achieve a high return".
  • Our view: This is the MAS KiwiSaver Scheme’s most popular fund; 80% of the investment is applied to shares. Recent examples include Microsoft, Infratil, Fisher & Paykel Healthcare and Alphabet. MAS charges the same fee for this fund as it does for its other growth orientated funds.

6: MAS KiwiSaver Scheme Aggressive Fund
  • Risk factor: 5
  • Fee: 0.99% p.a.
  • Minimum suggested investment timeframe (per MAS): 11 years
  • Investment Composition: International Equities (66%), Australasian Equities (29%), International Fixed Interest (3.3%) and New Zealand Fixed Interest (1.7%).
  • Investor type: MAS' says the fund is "suitable for investors who are prepared to accept a higher level of investment risk to potentially achieve a higher return".
  • Our view: This MAS fund invests 95% of its money into shares - it's aggressive, but not as aggressive as the Global Equities fund (below). Recent holdings include Microsoft, Apple, Infratil, Fisher & Paykel Healthcare and Alphabet, as well as some high-level thematic exposures. The fee is competitive based on 95% of the money going into shares (which adds costs compared to investing into fixed interest).

7: MAS KiwiSaver Scheme Global Equities Fund
  • Risk factor: 5
  • Fee: 0.99% p.a.
  • Minimum suggested investment timeframe (per MAS): 12 years
  • Investment Composition: International Equities (70%) and Australasian Equities (30%)
  • Investor type: MAS' says the fund is "suitable for investors who are prepared to accept a higher level of investment risk to potentially achieve a higher return".
  • Our view: The Global Equities fund operates exactly as its name suggests, investing only in shares. Recent holdings include Microsoft, Infratil and Alphabet, as well as some high-level thematic exposures. The fee is competitive based on 100% of the money going into shares (which adds costs compared to investing into fixed interest).
  • Additional notes: MAS is one of the few KiwiSaver schemes to offer an aggressive fund – most stop at 'growth'. Aggressive funds are most suitable for those with long investment time frames and strong risk appetites.

​Summary
  • The seven funds all invest in income and/or growth assets; the higher the proportion of equity investments, the more aggressive the fund and the expectation of a higher return.
  • ​As with any fund, past performances do not indicate future results. 

How does MAS compare with other options?

MAS KiwiSaver Scheme - What You Need to Know

Claims made by the MAS KiwiSaver Scheme vs Reality
In this section, we look at two claims advertised by the MAS KiwiSaver Scheme on their website and marketing materials and explain what they mean.

1. "100% Owned by Our Members".
Is it true?
  • Yes - MAS is a "mutual society" - this means each customer becomes a MAS member. All profits are held for the benefit of the community and members. This is different to most other KiwiSaver schemes, which charge fees and report high profits.

2. "All eligible funds are certified by the Responsible Investment Association Australasia".
Is it true?

Who is the MAS KiwiSaver Scheme Suited To?

The MAS KiwiSaver Scheme is a quiet achiever and has flown under the radar for many years while focusing on the medical profession. MAS is now promoting itself to a wider audience and has a track record of strong fund performance to back it up.

If you're looking for actively managed funds with a track record of high performance, the MAS KiwiSaver Scheme may appeal to you.

Standout Features:
  1. ​There are seven funds to choose from, including three growth orientated funds; Growth, Aggressive and Global Equities.
  2. MAS invests in line with its Responsible Investment Policy.
  3. The investment managers are of a high calibre - JBWere is a trusted NZ Wealth Manager who also relies on the expertise of BlackRock, the world's largest investment company, to implement some of the international equities strategies.
  4. The annual management fees are generally similar to other actively-managed funds, and unlike Milford, MAS doesn't charge performance fees.
  5. It's free to change funds and you can invest in any of the seven funds.
  6. If you join the MAS KiwiSaver Scheme, you become a MAS member. Members are entitled to use exclusive membership benefits, which include, invites to speaker series events, health and wellbeing support and EAP (Employee Assistance Programme) counseling. 
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Be aware: As with any investment, markets go up and down. The Dotcom bubble in the early 2000s sank global share markets, as did the 2008 Global Financial Crisis. While many global share markets are now at record highs, this is no guarantee of future earnings.
The Bottom Line
  • We believe the MAS KiwiSaver Scheme delivers on what it promises (a choice in funds, responsible investing and competitive fees), and we see it as a highly compelling offer in what has become a crowded KiwiSaver market.
  • Unlike most bank schemes (ASB, ANZ, BNZ and Westpac) and foreign-owned schemes (AMP, Aon and Mercer etc.), the MAS KiwiSaver Scheme is 100% New Zealand owned and focused on the local community. Like Simplicity, MAS Foundation is more than just a grant maker. It is dedicated to improving health and wellbeing equity in Aotearoa New Zealand. MAS foundation has long-term partnerships with organisations that are working to address complex challenges. By supporting these communities, it’s helping build a healthier and more equitable future for all.
  • There are no joining fees, no exit fees, no performance fees, and you can transfer between funds for free as many times as you want. 
  • The funds are active funds meaning a team of investment managers are responsible for selecting undervalued equities to anticipate that their share price will go up in the short to medium term. 
  • Depending on your KiwiSaver balance, other funds on other platforms can have cheaper management fees. However, annual fees alone should not be the only criteria when comparing KiwiSaver schemes. The MAS KiwiSaver Scheme, as an actively managed scheme, is designed to outperform low-fee index schemes like Simplicity. Whether it does in the long-term is something we can't predict.
  • No two funds are directly comparable, so it's essential to shop around and compare fund objectives as well as fund fees if you're serious about having the biggest KiwiSaver nest-egg possible.
  • In terms of risk, each fund has a risk number (1 = lowest, 7 = highest). The Cash fund (rated 1) is the most conservative fund while the Global Equities and Aggressive funds are rated 5.

Seven Must-Know MAS KiwiSaver Scheme Facts

The MAS KiwiSaver Scheme isn't as well known as the likes of Milford, Fisher Funds and Simplicity, but it has a track record of market-leading returns quarter after quarter. Our must-know facts below highlight key information about the scheme and who is behind it.

The scheme's performance continues to be strong, but past results are no guarantee of future growth

The funds have 10 years of performance data and have reported consistently strong results per Morningstar data. MAS doesn't promote the performance of its funds like other KiwiSaver schemes do (and some of them arguably do it quite aggressively). Instead, it likely prefers to focus on improving the quality of its scheme and keep fees low to benefit its members.

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

The MAS KiwiSaver Scheme is open for everyone, meaning you don't have to work in healthcare etc. While the MAS KiwiSaver Scheme may be unknown to your employer, you're 100% entitled to pick it as your provider, just as you are with any KiwiSaver scheme.

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

As a MAS KiwiSaver member, you'll pay a percentage of your total investment as a fee, whether you have $1 or $100,000 etc. You also have full freedom to invest as you like - for example, pick the fund and decide on your contribution rate (e.g. 3%, 4%, 8% or more of your salary/wages). If at any time you want to stop contributing (temporarily or permanently), you can do that too. And if you want to switch funds or providers (for example, leave MAS for another scheme), you can do that by contacting the MAS client services team.

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

Many of MAS' KiwiSaver 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.

The MAS KiwiSaver Scheme offers actively managed funds and it is orientated towards picking market-beating shares and uses external management

Each fund has a unique investing strategy. For example, the Growth fund, as outlined in the MAS KiwiSaver Scheme Product Disclosure Statement, "invests mainly in growth assets with a modest allocation to income assets [and] aims to provide strong returns over the long term". While this sounds fairly conservative, the scheme has two investment managers, JBWere and Nikko. JBWere is an experienced wealth manager responsible for the MAS KiwiSaver Scheme’s equities (i.e. growth assets) and cash. BlackRock, the world's largest asset manager, has been appointed to implement most of the international equities strategies. Nikko manages domestic fixed interest, while PIMCO is responsible for the MAS KiwiSaver Scheme’s international fixed interest exposure via the Hunter Global Bond Fund.

Unlike schemes like Milford, Fisher Funds, Pie Funds and Booster, MAS doesn't employ in-house investment managers. The numbers and costs of doing so can be significant - this 2019 article suggests Milford has close to 100 employees, including a private wealth team of 26 and a similar number of investment specialists. Such costs are passed on to the investors. MAS is arguably cost-effective, given investors will benefit from JBWere and Blackrock's economies of scale.

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

Signing up to the MAS KiwiSaver Scheme is simple and quick, but you’ll need to decide your fund first. Helpfully, the names of the seven funds - Global Equities, Aggressive, Growth, Balanced, Moderate, Conservative and Cash, are free of buzzwords or spin.

Generally, if you're looking for a safe investment with the lowest risk of seeing your original investment fall, a cash or conservative fund could be a suitable option. If you're looking for a higher return and are prepared to have your money in higher-risk investments that could fall in value, a global equities, aggressive or growth fund would likely be a suitable starting point.

If you're not sure of what to invest in and want to have a range of options to pick from, look at Sorted's FundFinder tool, which includes all seven MAS KiwiSaver Scheme funds.

All but the Cash Fund have exposure to New Zealand shares

Most of the MAS KiwiSaver Scheme’s funds invest in shares, with six (all but the MAS KiwiSaver Scheme Cash Fund) having a dedicated exposure to New Zealand shares via its Australasian Equities asset class. A recent review of top 10 holdings by growth-focused funds confirmed investments in local companies such as Infratil, Fisher & Paykel Healthcare and Meridian Energy.

Our Conclusion​

  • The MAS KiwiSaver Scheme offers a diverse range of seven funds, and its fees for an actively managed fund are lower than those charged by Milford and Fisher Funds, among others.
  • Fund performance is easy to track via MAS' fund performance.  In terms of comparison, you'll need to compare different KiwiSaver schemes' fund reports to get a full picture. We have taken the "after deductions for charges and tax" figures to make a consistent comparison.
  • With $1.5 billion in management, the MAS KiwiSaver Scheme is half the size of the more well-known Simplicity yet goes relatively unnoticed in the media. With high average balances and some top-performing funds, we consider that MAS's KiwiSaver Scheme is a strong offering and worth considering if you're looking to switch (or sign up to KiwiSaver as a new member).
  • With seven different funds, MAS offers a wide number of choices, and we like the structure, fees and not-for-profit nature of this historically high-performing scheme.

How does MAS KiwiSaver compare with other options?
Do you have an experience or comment about the MAS KiwiSaver Scheme that you'd like to share with our users? Please contact our research team who would be delighted to hear from you. 
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