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Pie KiwiSaver Scheme Review

​Our review of the Pie KiwiSaver Scheme (previously JUNO KiwiSaver scheme) looks at the fund choices, fees, must-know facts and considerations to help you decide if it's right for you.
Updated 14 May 2025
Summary of the Pie KiwiSaver Scheme:
  • The Pie KiwiSaver Scheme offers four KiwiSaver funds, with the aim of making market-beating returns while making it simple for contributors to understand where their money is invested and how their retirement is being funded.
  • There are no performance fees, despite the funds being actively managed. Some KiwiSaver fund managers take a bite of any market-beating returns - the Pie KiwiSaver Scheme funds do not.
  • Pie Funds staff, directors, and shareholders invest alongside their clients, with over $100 million of the funds under management (as at 31 March 2025) being their own money. We believe this approach ensures decisions are made carefully given the investment team are also investors in the funds they manage.
  • Pie Funds employs a team of global investment specialists actively managing investments, with teams based in New Zealand, Australia, and the UK. The firm's global approach is to leverage local expertise to navigate and understand the markets it invests in.
  • The funds launched in August 2018 under 'JUNO KiwiSaver Scheme' branding before rebranding under the parent company Pie, to the Pie KiwiSaver Scheme in December 2023. 
  • Switching between any Pie KiwiSaver Scheme fund is free. There are no joining fees or exit fees if you take your money to another fund.
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 four fund options available and a public commitment to make fees and underlying investments transparent to investors, the Pie KiwiSaver Scheme offers actively managed funds aiming to beat the market.
Our Review 
In this review, we outline what the Pie KiwiSaver Scheme is, what funds they offer to KiwiSaver members and how they're different to other funds, as well as looking at alternatives and the level of fees involved.
 
Please note: MoneyHub is not a Financial Adviser, and this review has been published to explain the investment fundamentals and outline the pros and cons of the Pie KiwiSaver Scheme as a KiwiSaver investment option.
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Our review covers:
How does the Pie 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.

The Pie KiwiSaver Scheme Fees

Fees are charged as a percentage of your KiwiSaver balance, which aligns with other KiwiSaver funds and schemes. Please be aware that any KiwiSaver member under 13 won't pay any fees on their KiwiSaver balance.

There are no annual membership fees or performance fees. The Total Estimated Annual Fund Charges (including management fee and estimated costs and expenses) are currently:
  • Conservative Fund: 0.75% p.a.
  • Balanced Fund: 0.86% p.a.
  • Growth Fund: 0.99% p.a. 
  • Aggressive Fund: 1.19% p.a. 

What do I pay in fees in dollars?
We explain this with three examples:
  1. Alex with a $10,000 balance in the Growth Fund - Annual fee = $10,000 × 0.99% = $99.00 per year
  2. Sam with a $50,000 balance in the Growth Fund - Annual fee = $50,000 × 0.99% = $495.00 per year
  3. Taylor with a $200,000 balance in the Aggressive Fund - Annual fee = $200,000 × 1.19% = $2,380.00 per year

Know This: Fees are calculated as a percentage of your KiwiSaver balance, meaning larger balances result in higher fee amounts in dollars. These examples assume the balances remain unchanged throughout the year, though in reality, balances will fluctuate.

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

  • Pie Funds Management Limited, a fund manager, is the manager of the four Pie KiwiSaver Scheme funds.
  • The four funds have distinct investment profiles:
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1: Pie KiwiSaver Scheme Conservative Fund
  • Risk factor: 3
  • Minimum suggested investment timeframe: 3 years

Investment Composition:
  • Cash and cash equivalents 25%
  • New Zealand fixed interest 15%
  • International fixed interest 35%
  • Australasian equities 6%
  • International equities 19%

The Conservative fund aims to preserve members’ capital with modest capital growth over a periods exceeding three years. The Fund invests primarily in fixed interest and cash, with an allocation to equities. 

Our view: This is the Pie KiwiSaver Scheme's least aggressive fund, with 75% of your money being invested in fixed interest and cash and cash equivalents. 25% of your money is allocated to an active investment manager picking shares that are expected to increase in value. 

2: Pie KiwiSaver Scheme Balanced Fund
  • Risk factor 4
  • Minimum suggested investment timeframe: 5 years

Investment Composition:
  • Cash and cash equivalents 10%
  • New Zealand fixed interest 10%
  • International fixed interest 20%
  • Australasian equities 10%
  • International equities 50%

The Balanced fund aims to provide members with steady capital growth over a period exceeding five years. The Fund invests in equities with a reasonable allocation towards fixed interest.

Our view: This is the Pie KiwiSaver Scheme's 'middle of the road' fund, giving investors a mix of conservative investing and riskier growth. 60% of your money allocated to an active investment manager picking shares that are expected to increase in value. 40% of your money is invested in fixed interest and cash and cash equivalents.

3: Pie KiwiSaver Scheme Growth Fund
  • Risk factor 5
  • Minimum suggested investment timeframe: 7 years

Investment Composition:
  • Cash and cash equivalents: 5%
  • New Zealand fixed interest 5%
  • International fixed interest 10%
  • Australasian equities 15%
  • International equities 65%

The Growth fund aims to provide investors with "capital growth", generated by investments in "international and Australasian equities with a focus on globally-known brands, along with a cash and fixed interest exposure".

We say: This is the Pie KiwiSaver Scheme's second most aggressive fund, with 80% of your money allocated to an active investment manager picking shares that are expected to increase in value. 20% of your money is invested in fixed interest and cash and cash equivalents.​

4: Pie KiwiSaver Scheme Aggressive Fund
  • Risk factor 5
  • Minimum suggested investment timeframe: 10+ years

Investment Composition:
  • Cash and cash equivalents: 5%
  • Australasian equities 30%
  • International equities 65%

The Aggressive fund, launched in May 2025, aims to "maximise capital growth for members over a period exceeding ten years. The Fund invests primarily in international and Australasian equities, directly and/or through investment in other funds also managed by Pie Funds".

We say: This is the Pie KiwiSaver Scheme's most aggressive fund, with 95% of your money allocated to an active investment manager picking shares that are expected to increase in value. Only 5% of your money is invested in fixed interest and cash and cash equivalents.​ More New Zealanders are considering aggressive KiwiSaver funds, and Pie KiwiSaver's aggressive fund launch reflects the demand.

Summary
  • The four funds all invest in income and 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, but generally the characteristics of how each fund behaves remain the same. 

Who is the Pie KiwiSaver Scheme Suited To?

  • With free fees for anyone under 13, the Pie KiwiSaver Scheme is immediately attractive to students and anyone working for the first time.
  • If you're looking for an actively managed fund supported by traders and analysts, the the Balanced, Growth and Aggressive funds may meet your expectations. 
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Standout Features:
  1. The scheme has pledged to be an ethical investor, following Pie Funds' policy, meaning companies trading in weapons, tobacco, gambling, nuclear and other “unethical” business will be avoided.

Be aware:
  1. 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
  • Overall, the Pie KiwiSaver Scheme delivers on a simple fee structure with the choice of four funds for different investor risk profiles. Since launching in 2018, the Scheme had around $545m invested as at 31 March 2025. Most of the funds invested were in the Pie KiwiSaver Growth Fund.
  • The funds are designed to allow investors to easily understand where their money is invested.
  • The 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; they do not follow or recreate a benchmark of a sharemarket index, unlike KiwiSaver schemes like Simplicity, Kernel and Superlife. Pie Funds' investment managers will regularly pick undervalued equities, anticipating that their share price will go up in the short to medium term. This has more risk but also has the potential for greater returns.
  • The annual fees alone should not be the only criteria when comparing KiwiSaver schemes. While some of the Pie KiwiSaver Scheme's fees might be higher than other providers, the Pie KiwiSaver Scheme is actively managed meaning it intends to outperform funds that track sharemarket performance. 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.
  • The Pie KiwiSaver Scheme has three strengths - a commitment to transparency in fees that are easy to understand, a Growth Fund with a solid long-term market-leading performance, and a trusted and experienced team behind it by way of Pie Funds.
  • In terms of risk, each fund has a risk number (1 = lowest, 7 = highest). The Conservative fund is rated 3; the Balanced fund is rated 4, the Growth fund and Aggressive fund are both rated 5 and given the higher proportion of money invested in shares and not cash investments.

Must-Know Pie KiwiSaver Scheme Facts

Pie KiwiSaver Scheme is popular with investors looking for market-leading and long-term growth, with the Pie KiwiSaver Growth Fund making up around 85% of the funds invested as at 31 March 2025. Our must-know facts below highlight key information about the scheme and who is behind it.

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

​Because the Pie KiwiSaver Scheme launched in mid-2018, most employers won't have heard of it, and even fewer will have considered it as a preferred option for their employees. However, none of that matters - any KiwiSaver member has the right to pick any one of the 25+ providers and the fund they want. So while the Pie KiwiSaver Scheme may be unknown to your employer, you're 100% entitled to pick it as your provider.

Pie Funds is based in Auckland has operated since 2007

​Based in Takapuna, Auckland, you can read more about their investing ethos and approach on their website.

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

As a Pie KiwiSaver Scheme member, you'll pay a percentage fee on your balance - the more you invest, the more you'll pay (in dollar terms) in fees. 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 making a manual payment or contact the Pie Funds client services team. 

Distributions your fund receives are reinvested, meaning more cash is invested on your behalf

All four of the Pie KiwiSaver Scheme 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 Pie KiwiSaver Scheme offers actively managed funds, and is orientated towards picking market-beating shares

The people who look after your money analyse a range of companies and pick ones they believe are undervalued and have a positive future. By doing this, there is an expectation that the share price will increase, giving a return to the investor when it's later sold. 

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

Signing up to the Pie KiwiSaver Scheme is effortless, but you’ll need to decide your fund first. Helpfully, the names of the four funds - conservative, balanced, growth and aggressive, 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 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 which could fall in value, you should select the balanced or growth funds, as they operate in this manner.

The Pie KiwiSaver Scheme is operated by Pie Funds, an experienced fund manager

With over two billion dollars of (non-KiwiSaver) money under management as at June 2024 per this December 2024 Investment News article, thousands of New Zealanders trust Pie Funds' investment team. The asset manager has a track record of managing funds. While past performance does not indicate future returns, it is clear that Pie Funds operates with the infrastructure and experience to offer professional investment management.

Performance continues to be strong, but past results are not any guarantee of future growth

The funds launched in August 2018. Investment returns can vary significantly due to market conditions, and past performance does not guarantee future results. Relying solely on short-term data may overlook the inherent risks, volatility, and the need to assess consistency over multiple market cycles. 

Frequently Asked Questions

Are actively managed funds worth the potential for higher fees and risk?

Actively managed funds, such as the four in the Pie KiwiSaver Scheme, aim to outperform market benchmarks through strategic investment decisions. While this approach can lead to higher returns, it also comes with increased fees and risks.

What are the risks of investing heavily in the Growth Fund or Aggressive Fund?

The Growth Fund allocates 80% of its assets to equities, which can be volatile, especially during market downturns. The Aggressive Fund allocated 95% of its assets to equities. While this offers the potential for high returns, it is best suited for investors with a long-term horizon and a high tolerance for risk.

How do I choose the right Pie KiwiSaver Scheme fund for my needs?

Choosing the right fund depends on your risk tolerance, investment timeframe, and financial goals. The Pie KiwiSaver Scheme offers four funds:
  • Conservative Fund (Risk Factor 3): This fund is popular for cautious investors or those with a shorter timeframe (3+ years), focusing on capital preservation with modest growth.
  • Balanced Fund (Risk Factor 4): Popular with investors seeking steady growth over 5+ years, balancing equities and fixed interest.
  • Growth Fund (Risk Factor 5): Appeals to those with a 7+ year horizon, comfortable with higher volatility for potential capital growth.
  • Aggressive Fund (Risk Factor 5): Designed for long-term investors (10+ years) willing to accept significant volatility for maximum growth.

Before making any decision, you'll need to consider your comfort with market fluctuations and how long you plan to invest. Younger investors or those saving for retirement may lean toward Growth or Aggressive funds, while those closer to retirement or prioritising stability may prefer Conservative or Balanced.

What makes Pie KiwiSaver Scheme's active management different from passive funds?

Unlike passive funds that track market indices (e.g., Simplicity or Kernel, Pie KiwiSaver Scheme's funds are actively managed by a global team of investment specialists. They analyse markets and select undervalued equities expected to outperform, aiming for market-beating returns. This hands-on approach involves higher fees (e.g., 0.99% for Growth, 1.19% for Aggressive) but offers the potential for greater returns compared to passive funds, which typically have lower fees (e.g., 0.25% p.a. at Simplicity). However, active management carries more risk, as returns depend on the team's investment decisions.

What happens to my Pie KiwiSaver Scheme funds if markets crash?

All KiwiSaver funds, including Pie's, are subject to market risks. The Conservative Fund (25% equities) is the least exposed to market downturns, while the Aggressive Fund (95% equities) is the most vulnerable. During events like the 2008 Global Financial Crisis, equity-heavy funds can significantly decline. However, Pie's active management aims to mitigate risks by selecting resilient investments. Historically, markets recover over time, so long-term investors (7–10+ years) in Growth or Aggressive funds may weather volatility better. Diversification across asset classes and Pie's global expertise help reduce risk, but no fund is immune to market fluctuations.

How can I track the performance of my Pie KiwiSaver Scheme fund?

Pie Funds provides daily live balances via their website and regular updates on fund performance. You can monitor your balance, contributions, and returns in real-time through Pie's online portal.

Are there any tax implications for my Pie KiwiSaver Scheme investments?

Investment returns in the Pie KiwiSaver Scheme are taxed within the fund as a Portfolio Investment Entity (PIE). Your provider deducts tax based on your Prescribed Investor Rate (PIR), which depends on your income (10.5%, 17.5%, or 28%). Pie Funds handles this automatically, and you're asked annually to confirm your PIR. When you withdraw your KiwiSaver at age 65, the payout is tax-free. Ensure your PIR is correct to avoid over- or under-taxation, and consult a tax adviser if unsure.

Why should I consider Pie KiwiSaver Scheme over other providers?

Pie KiwiSaver Scheme stands out for its:
  • Active Management: Unlike passive funds, a global team aims to outperform markets.
  • Transparency: Clear fee structures and detailed investment breakdowns.
  • Ethical Investing: A commitment to avoiding unethical industries.
  • Flexibility: No joining, exit, or switching fees, and no minimum investment.
  • Strong Performance: Growth and Balanced Funds ranked #1 in their categories for the year ended 30 September 2024 (Morningstar).
  • However, higher fees (e.g., 1.19% for Aggressive vs. 0.25% for Simplicity's funds) and equity-heavy funds may not suit risk-averse investors.

Our Conclusion​

  • The four funds don't offer extensive diversity compared to other providers, but we believe Pie Funds wants to simplify KiwiSaver options and not offer a bunch of funds with subtle differences that confuse investors.
  • With any Pie KiwiSaver Scheme fund, investors can get exposure to New Zealand, Australian and international sharemarkets, emerging markets, local and global bonds, as well as New Zealand cash deposits.​​
​How does the Pie KiwiSaver Scheme compare with other options?