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Simplicity Review - is this the KiwiSaver Scheme for you?

We review the funds, fees, mortgage rate offer and pros and cons of the Scheme.
Updated 5 November 2024 

Summary of Simplicity
  • Funds and Fees: Simplicity KiwiSaver offers ​six funds, from Defensive to High Growth, with annual fees set at 0.25% of total investment; this is much lower than comparative funds from ANZ KiwiSaver, Milford KiwiSaver, SuperLife and Westpac KiwiSaver. There is also no annual membership fee so 0.25% p.a. is what you'll pay with regards to KiwiSaver fees.
  • Charity: The management company behind Simplicity operates as a not-for-profit, giving 15% of all fees (e.g. 15% of the 0.25% KiwiSaver management fees) to the Simplicity Foundation. Simplicity also states that profits from any fees will be used to improve member services and reduce fees.
  • Assets: Funds invest in cash, bonds, private equity, mortgages and the sharemarket; the mix depends on the risk profile of the fund. 
  • Performance: In the latest Morningstar KiwiSaver Survey, March Quarter 2024, Simplicity's Conservative, Balanced and Growth funds ranked 10th, 7th and 3rd respectively amongst at least 20 competitors for performance over a five-year period. As the Default, Defensive and High Growth funds are new, 5-year data is not due until 2028 but you can check the Simplicity website any time for the latest performance.
  • Home Loans: Simplicity KiwiSaver members can apply for a First Home mortgage with competitive interest rates, currently 6.15% p.a., with terms that include no break or penalty fees. This allows Simplicity members to repay any or all of the mortgage at any time, at no extra cost.
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Our Review
In this guide, we outline what Simplicity is, how it differs from standard KiwiSaver providers, what index funds are and how they're different to other funds, as well as looking at whether it's safe to invest in given its recent appearance as a KiwiSaver provider. We cover:
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 Simplicity as a KiwiSaver provider.​

How does Simplicity compare with other options?

Investor Overview: Understanding Simplicity Living

  • In 2021, Simplicity embarked on an extensive build-to-rent housing program with leading home builder NZ Living. This project aims to construct high-quality apartments and townhouses for long-term rental across New Zealand, offering an additional housing solution for many Kiwis.
  • Simplicity Living is funded by certain funds within the Simplicity KiwiSaver Scheme (excluding its default fund) and the Simplicity Investment Funds. It uses investor money to construct these homes through a wholesale funding arrangement. As a result, anyone who invests in Simplicity will benefit from forecasted capital growth and income generated.
  • To get a background of the projects (and where investor money is going), visit the Simplicity Living website.

Why is Simplicity doing this? I thought it was an index fund KiwiSaver scheme that invested in local and global sharemarkets? Why is it building houses and managing tenants?
  • Simplicity's mission is to demonstrate that "doing good while making money" is possible. Simplicity believes that rental housing offers reliable returns for its investors, alongside bank deposits and bonds it invests into. Simplicity is arguably diversifying investor money away from cash assets and working to solve the housing shortage issue, and believes positive returns can be generated by doing so.
  • The idea is that by building warm, dry, and affordable homes within communities, Simplicity aims to prevent costly health and social issues as part of its overall 'doing good' business practice.
  • Since launching its house-building program, Simplicity has stated that the investments are designed to maximise benefits for its investors, and it's a strategy consistent with large pension funds worldwide that also own and rent homes long-term.

Our view: It's too early to tell how profitable Simplicity Living will be, and we look forward to further explanations around how profits are distributed to KiwiSaver investors. However, concerning financial risk, the exposure to KiwiSaver members is limited as each fund is heavily diversified. 

When Simplicity Living was first announced to existing KiwiSaver members, there was plenty of discussion and debate about the idea (and how it would affect KiwiSaver investors). This Reddit Personal Finance NZ thread is the leading example, alongside commentary around a news story expanding on the initiative.

Simplicity is the 2023 MoneyHub Editor's Choice for the most Charitable KiwiSaver Scheme:

  • Simplicity is a not-for-profit KiwiSaver scheme. Simplicity donates 15% of the fees charged to the Simplicity Charitable Trust, who chooses which charities receive the donations.
  • As of May 2023, it had donated over five million dollars to dozens of charities.
MoneyHub’s Editor Christopher Walsh says:
"Simplicity is, at its heart, a nonprofit committed to its investors (to minimise fees and maximise returns) while redistributing a significant proportion of the low fees collected towards charity via the Simplicity Foundation.

Simplicity remains a popular KiwiSaver scheme which means as people contribute and the funds perform, funds under management (i.e. total invested money) will increase. This will compound the dollar amount it can donate and means great things for the charities Simplicity supports".

First Steps - What is an 'index fund'?

  • An index fund is a type of investment that is established to invest in or track the components of a market index, such as the New Zealand NZX50 (our largest 50 companies) or the Standard & Poor's 500 Index (S&P 500).
  • An index fund provides a diversity in risk, as your investment is spread over many companies within the index, proportioned by the size of each company's market value.
  • The index fund benefits from low operating expenses and management fees due to the fact that the fund must invest in the companies within the index and therefore doesn't need fund managers to make judgments or research in order to make the investments.
  • An index fund operates no matter the state of the markets, so as markets overall go up your investment is worth more, and vice versa.
  • An index fund is different to many other KiwiSaver funds, which have investment managers hoping to predict market movements and make investments on your behalf to add value to your portfolio. Simplicity does none of this, instead it simply invests in the specified index and value is created by the movement in the overall sharemarket. 

Want to learn more? Visit our guide to index funds.

The Specs of Simplicity Funds (including Mortgage Rates)

Simplicity offers six different funds, and each fund is comprised of over 3,000 different investments in 23 countries. Their currency hedging policy is set using the average of the main KiwiSaver providers, resulting in our equity investments being 65% hedged into New Zealand dollars. The hedging policy will be monitored quarterly and adjusted from time to time to follow the average within a range of 50% - 70%.
 
The foreign exchange exposures in each Fund are hedged as follows:
Asset Class
Hedging Style
Benchmark (%)
Range (%)
International equities
Passive
65
55 to 75
Australian equities
Passive
65
55 to 75
International fixed interest
Passive
100
95 to 105
The fees are as followed: 
  • Annual fees (which are the same for all six funds): $29.00 for every $10,000 in your account.
  • ​Transfer in and exit fees: There are no exit fees, but your existing KiwiSaver Scheme provider may charge an exit fee - you'll need to contact them to find out what that is. 
  • Minimum Initial Investment: $1 for all funds.

Investment Products include:
  • Cash (i.e. bank deposits in New Zealand banks)
  • New Zealand Fixed Income (i.e. investments in government bonds or company debt)
  • New Zealand Shares (i.e. shares in Spark, Fletcher Building and Air New Zealand)
  • Australian Shares 
  • International Fixed Income bonds and deposits
  • International Shares
  • Private Equity
  • Build to rent housing
  • Mortgages

Simplicity Floating Mortgage Rates and Home Loans

Launched in October 2019, Simplicity offers competitive floating first home interest rates, available exclusively to its KiwiSaver Scheme members. The specs include:
  • Current Floating Interest Rate: 6.15%
  • Fees: The loans have no break or penalty fees, and members can repay any or all of the mortgage at any time, at no extra cost. This is standard with floating interest rate mortgages.
  • Loan Value: Up to 80% of the value of a first home (or the purchase price (whichever is the lowest), as long as repayments do not exceed 30% of combined after-tax income.
  • Potential Savings: As an example, for a first-home buyer with a $600,000 home loan, the interest savings are $6,000 in the first year alone where the interest difference is 1%. Over the life of the loan, the savings could be more than $130,000. 
  • Floating vs Fixed Interest Rates: While all first home loans will be at a floating rate, members are given at least one month's notice if interest rates rise. This gives borrowers time to adjust to the new rates or switch providers.

How to apply?
  • Firstly, to be eligible for a Simplicity first home loan, applicants will need to be a Simplicity KiwiSaver member and meet the criteria of a first-time homebuyer.
  • Applications for conditional pre-approval are available on the Simplicity website under their member login; general information can be found here.

How does Simplicity compare with other options?

What Funds are Available, and What's the Difference Between Them?

Simplicity KiwiSaver offers six funds - Defensive (launched April 2023), Conservative, Default, Balanced, Growth and High Growth (launched April 2023). Generally, the rule is that the higher the percentage invested in shares rather than cash deposits and fixed income, the riskier the investment. This is because shares fluctuate in value, whereas cash deposits don't and your investment is near-guaranteed for anything classes as cash or fixed-income.

1. Defensive Fund
Simplicity's most conservative fund, with 95% in income assets (44% New Zealand fixed interest, 36% International fixed interest, and 15% cash and cash equivalents), with 5% in growth assets (unlisted property).
  • Unlisted Property 5%
  • NZ Fixed Interest 10%
  • Cash & Cash equivalents 85%

​More details: Visit Simplicity
 
2. Conservative Fund
This fund invests largely in fixed-income (75%) and cash (2%), leaving an exposure to the sharemarket of 23% of funds invested, with most of the risk in overseas shares. Based on this, most of the fund's return can be predicted year-on-year and this is the safest Simplicity fund currently offered.  

The fund comprises of:
  • Intl Fixed Income 42%
  • NZ Fixed Interest 33%
  • Intl Shares 17%
  • NZ Shares 3.5%
  • Cash 2%
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More details: Visit Simplicity

In what ways does the Defensive Fund vary from the Conservative Fund?
  • Although the Simplicity KiwiSaver Defensive and Conservative Funds share the same risk rating, the Defensive Fund emphasizes a higher proportion of income-generating assets, like cash and fixed-income investments, such as bonds.
  • Over ten years or more, the Defensive Fund's returns are anticipated to be lower than those of Simplicity's other funds. However, its annual return fluctuations should be less volatile.
  • As a result, the Defensive fund might be suitable for investors with shorter time horizons, such as those approaching retirement, preparing to purchase their first home, or with a lower risk tolerance.

3. Balanced Fund and 4. Default Fund
The Balanced fund is a bridge between the Conservative fund above and the Growth funds below, offering a midway point for someone looking for higher returns without high risk. As such, the fund is 59% shares and 41% fixed income. The Simplicity Default Fund has the same asset allocation.

The fund comprises of:
  • Intl Shares 43.50%
  • NZ Shares 12%
  • Unlisted Property 3.5%
  • NZ Fixed Interest 16.5% 
  • Intl Fixed 22.5%
  • Cash 2% 

More details: Simplicity's dedicated pages on the Balanced Fund and Default Fund

5. Growth Fund
80% of funds are invested in shares in New Zealand and around the world. The return and value of this fund will depend heavily on how international sharemarkets are performing. 
 
The fund comprises of:
  • Intl Shares 59%
  • NZ Shares 16.50%
  • Intl Fixed Income 10.50%
  • NZ Fixed Interest 7.50%
  • Unlisted Property 4.50%
  • Cash 2%

More details: Visit Simplicity

6. High Growth Fund
The most aggressive fund Simplicity offers, with 98% in growth assets (73% International shares, 15% New Zealand shares, and 10% unlisted property), and 2% in income assets (2% cash and cash equivalents). As with the Growth Fund, the return and value of the High Growth fund will depend heavily on how international sharemarkets are performing.

The fund comprises of:
  • Intl Shares 73%
  • NZ Shares 15%
  • Unlisted Property 10%
  • Cash 2%

More details: Visit Simplicity

What's the difference between the Growth Fund from the High Growth Fund?
The High Growth Fund features a more significant allocation to growth-oriented assets, such as global equities and non-publicly traded real estate investments. The Growth Fund aims to allocate 80% of its portfolio to growth assets, whereas the High Growth Fund targets a 98% allocation.

Important: Simplicity allocates investor money in its Growth and High Growth funds to support start up and high growth companies via Icehouse Ventures. Investments are never more than 5% of the total size of the growth fund.

Who is Simplicity Suited to?

  • Best For: Long-term KiwiSaver participants looking for stability and growth that is passive with low management fees, with the Growth fund being a popular choice.
  • Not suitable for: KiwiSaver participants looking for aggressive, active funds that aim to beat the markets year on year. 

Standout Features:
  1. Simplicity is one of New Zealand’s lowest priced KiwiSaver funds, with management fees of 0.25% of your fund's balance (compared to the industry norm of arguably 1-2%).
  2. There is no annual membership fee.
  3. Simplicity gives 15% of all fees to the Simplicity Foundation.
  4. Simplicity does not make investments in tobacco, alcohol, adult entertainment, fossil fuels, gambling, nuclear weapons, civilian firearms and landmines.

Simplicity - What You Need to Know

​The Claim
Simplicity advertises that it offers a "low-cost, hassle-free investment solution for KiwiSaver participants looking for low fees and a diversified investment". The platform is 100% online and doesn’t offer financial advisers or other industry participants commissions.
 
Is it True?
Yes. Its success so far is due in large part to its marketing of ethical and low-cost index funds. These are investment funds that invest in a number of securities, including cash deposits, bonds, New Zealand shares and international shares. The more “aggressive” the fund, the higher the investment in shares.

Simplicity - Frequently Asked Questions

​How does the investing happen and why are the fees lower than other KiwiSaver providers?

There are two fund managers involved. Firstly, the Simplicity team manage the New Zealand assets and are responsible for getting the lowest costs. The manager of offshore investments is German fund manager DWS International GmbH (DWS). DWS is listed on the Frankfurt Stock Exchange and manages over NZ$1.4 trillion globally. Simplicity uses DWS for specific portfolio diversification which keeps costs low for Kiwi investors. As the international investing is outsourced to DWS and New Zealand investment is index-based, there are no fund managers and investment analysts to pay. This allows the savings to be passed on to investors, hence the low 0.25% annual fee.

If I invest with Simplicity, is my money going into the sharemarket?

For all funds, the answer to this is yes. However, the percentage of your money invested in the sharemarket depends on the fund and its risk profile - the Conservative Fund has the least money in sharemarket, whereas the Growth Fund invests the most money in the sharemarket. However, all of the investments are diversified so you are protected if and when one or two investments don’t work out.

Risk - the six funds each offer a unique investment strategy. Some are low-risk, some are medium risk and some are high risk. The returns/profit you make don’t necessarily depend on the risk you take. 

How big is Simplicity?

We define 'big' as the total funds under management. Simplicity is a fairly young KiwiSaver Scheme so it is smaller than other established providers like ANZ, Westpac etc. However, since launch in 2016 the Scheme has grown very fast in both members and funds under management and as of 31 December 2022 had around 110,000 KiwiSaver members and $2.74 billion in funds under management per the Morningstar report.

The Simplicity Scheme started in 2016 – can I trust it and is it safe for me to invest?

On the issue of trust, the answer is yes. All KiwiSaver providers must comply with a number of strict rules to ensure the funds of their clients (i.e. what KiwiSaver investors put in) are kept completely separate from the funds used to run the Scheme (i.e. money to pay the staff and run the business). Simplicity appoints Public Trust as their independent supervisor and custodian. Public Trust has been around for almost 150 years and is ‘guaranteed independent’ under the Public Trust Act 2001.

​Should Simplicity close down, your funds would transfer to another provider under the rules of the KiwiSaver.
With regards to whether it’s safe to invest, no fund is guaranteed, but the risk profile indicates where your money will be invested. This is the case with any KiwiSaver Scheme, and not unique to Simplicity. If a Simplicity fund went ‘bad’, then you could see similar negative results in other funds given Simplicity heavily diversifies its investment in New Zealand and around the world.

The Competition - Simplicity vs SuperLife vs Kernel vs the Rest

Simplicity, SuperLife and Kernel currently offer the only 100% index fund investment Schemes in KiwiSaver. We've included the ANZ Balanced Fund to show fees of an actively managed fund with a similar investment strategy.

SuperLife: This is a KiwiSaver provider that offers funds similar to Simplicity, with investments in shares, bonds, and cash under an index fund arrangement. SuperLife doesn’t offer similar fees - latest data of its range of funds puts the annual management fee at around ~0.50% on a $10,000 investment, far higher than the 0.25% charged by Simplicity. There is also a $2.50 per month membership fee.

Kernel: Kernel KiwiSaver offers some funds that are arguably unique to KiwiSaver Schemes. These include speciality funds that invest in the clean energy sector, green property, electric vehicle-related companies and other technology-based innovations. These funds complement the standard Kernel funds, which invest into the S&P500, global infrastructure, NZX and the 100 largest companies listed across the globe. Kernel's fees are some of the lowest around and lower than Simplicity; 0.25% p.a. fee (for its core index funds, excluding its thematic funds such as Moonshots Innovation, Electric Vehicle and Clean Energy which charge 0.45% p.a). Kernel doesn't charge a member or account fee for any KiwiSaver member.
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ANZ (Balanced Fund): This fund invests in bonds, shares and cash in New Zealand, Australia and around the world, but isn't an index fund and the fund managers will buy and sell investments based on market movements. The fees are 0.97% on a $10,000 investment.

The numbers: Comparing the above funds with Simplicity's 0.25%, the cost of a $10,000 investment would be $25 with Kernel, $25 with Simplicity, $80 with SuperLife and $98 with ANZ's Balance fund.

What Others Are Saying:

  • Stuff.co.nz reported in December 2018 that Simplicity's Growth Fund outperformed all over KiwiSaver growth funds in the six months to November 30 2018.
  • Stuff.co.nz reported in 2016 that Simplicity offered New Zealanders the chance to be “$65,000 better off in retirement”, claiming Kiwis could expect to pay $54,700 on KiwiSaver fees on current structures over their working lives.  
  • The New Zealand Herald published an article looking at the fees and how a Kiwi with $50,000 invested in the Simplicity growth fund over 10 years could be $13,000 better off than if an investment was made in an average fund. The [then 0.30%, later 0.29%, and as of 1 February 2024, 0.25%] annual fee compared favourably to other provider conservative fund fees which range between 0.97 per cent and 2.38 per cent, balanced fund fees which range between 1.16 per cent and 2.75 per cent and growth fees which range from 1.25 per cent to 2.93 per cent.  
  • The National Business Review published a piece looking at the ambitions of Simplicity, citing managed investment schemes as a $40 billion market and with an average management fee of about 1.6%, Kiwis are paying $640 million taken out in fees per year. Simplicity “hoped to get 10% of that market in five years.”

The Bottom Line

Simplicity is a good choice if you want to save on fees and want exposure to the share market (both in New Zealand and overseas) without significant risk. In short, it’s a “set and forget” offering an extensive diversification in investments, from cash and government bonds to shares in American and Australian companies. The underlying rationale to the scheme is that market investment always beats a fund manager in the long term, and as KiwiSaver is about the long term, the risks are low and the return is seen to be reliable.

With regards to user experience, logging in is seamless and the dashboard breaks down your total fund invested into components including returns since you joined. There is also a feel-good graph showing projected totals until you reach 65 years of age based on your previous contributions.

But, ​Simplicity is not for everyone. If you are an active or aggressive KiwiSaver investor and want a fund manager to continuously pick shares or other securities for short/medium term investment, Simplicity is not for you.
Limitations
Simplicity doesn’t have a customer-facing office; contact can also be made by email, Facebook, and the website also offers a “request a call” function.
 
If you’re looking for funds investing in specific industries, such as oil and gas, agriculture or mining, Simplicity is not for you. Its offering is focused on diversified equity investments in the biggest companies in New Zealand and around the world. As such, you would need to find a specialist fund for such an investment. 

10 Things to Know About Simplicity's KiwiSaver Scheme

Your KiwiSaver balance will be largely based on the rise and fall of sharemarkets

Depending on which Simplicity fund you invest in, the movements in New Zealand, Australian and/or overseas share prices will affect the value of your investment. What's important is not to look at the day to day, but the year-on-year return. Markets are volatile, and individual shares more so, but as every company on the sharemarket is profit-orientated, over time the value of the share index as a whole will increase, and as will your investment.

The Simplicity fees are the lowest in the KiwiSaver market

When Simplicity launched in 2016, New Zealand was not familiar with low-fee investing. With a 0.25% management fee and zero membership fees, Simplicity has outpaced almost all other providers. Low fees in KiwiSaver make a huge difference to your overall fund value over time due to the benefits of compounding interest/returns.

Simplicity offers a proven investment model by investing in index funds

Index funds historically outperform managed funds. According to Fortune Magazine, the S&P 500 (an American sharemarket index) outperformed more than 82% of all active funds over a 15-year period. Given the low fees an index fund charges and the reliability in outperforming active funds, it's a relatively conservative approach to investment for your retirement.

It's usually free to change your KiwiSaver provider and join Simplicity

Check with your current provider so that you're aware, and follow the KiwiSaver transfer guidance to make sure you're not caught out.

Simplicity operates as a non-profit enterprise

Just to be clear, Simplicity is profit-orientated when it comes to investments, but the entity itself that operates the funds is a not-for-profit. The 0.25% annual management fee covers only the cost of running the fund. As Simplicity grows the company pledges to return the benefits of scale back to members.

Simplicity isn't the only index fund on the market

Outside KiwiSaver, many index funds exist, so if you already have exposure to index funds through personal investments then you might want to look for another KiwiSaver option. Within KiwiSaver, SuperLife has a range of index-based funds. So while Simplicity isn't the only index fund provider, it does at the moment offer some of the lowest fees.​

Signing up isn't complicated

You'll need a form of ID, your IRD number and know your PIR (personal income tax) rate. It takes a few minutes via their online form.  Once submitted, Simplicity will email to confirm your application has been received. They get in touch with your current provider to arrange the transfer, and then email you again to set up your online account.

Your support is online and by phone

Low fees can mean no frills and email-only, but Simplicity offers phone support via callbacks to new and existing customers.​

Major Kiwi companies have made Simplicity their default provider

The Warehouse Group (including The Warehouse, Warehouse Stationery, Noel Leeming and Torpedo7), Spark, Foodstuffs (North Island only) and Z Energy are among many big companies that have made Simplicity their default employee KiwiSaver provider, convinced most likely by the low fees and low-risk investment strategy of index funds, as well as benefiting from Simplicity-run workplace talks.

15% of management fees go to charity

While you won't get any tax credit directly from this, the charity donation is unique to KiwiSaver, and we're unaware of any other provider that does something similar. Whether this is good or bad depends on how you feel about charities as a whole. You can find more information as to what charities received donations here.

How Safe is My Money with Simplicity KiwiSaver?​

  • ​Simplicity is a licensed Fund Manager regulated by the Financial Markets Authority. When you invest in any KiwiSaver or Managed Investment Scheme, the manager does not get any of the money (apart from any fees it charges you).
  • The money goes into the Scheme’s bank account controlled by the Scheme’s Supervisor. In Simplicity's case, that is Public Trust. Your money is then invested in shares and bonds that are owned by the Scheme, and you become a member of the Scheme.
  • Simplicity manages the Scheme for you, and Public Trust makes sure they are managing the Scheme’s investments in line with the rules and regulations set out in the Scheme’s documents.
  • If for any reason Simplicity was to run into difficulties, your investments would not be affected. The Scheme’s investments would be transferred to another manager.
  • Simplicity manages the New Zealand bonds and shares, while the international shares and bonds are managed by DWS, but the investments are owned by the Scheme, not by Simplicity or DWS.
  • KiwiSaver is not a Government guaranteed investment; therefore, it is no different from other investments, including bank deposits.
  • If New Zealand was undergoing some kind of nationwide financial crisis, the government has options that are currently available under legislation such as raising tax rates that are far easier than changing the law to allow it to access privately held assets such as your KiwiSaver money.
  • A market downturn will not impact your ability to withdraw funds from your account. Your funds are invested in liquid securities that can be realised at 2 days’ notice if necessary. If there was a significant financial crisis, it is possible there could be some kind of impact on your ability to access your funds for a few days. There were instances of this in 2008, although that generally related to structured products of some kind, and Simplicity does not hold that type of investment.
  • Simplicity's funds are very widely diversified across asset classes. This means that market movements tend to be smoothed out to a degree as different markets and countries do not have exactly the same performance.

Simplicity and Cyber Security:
  • As an online business, Simplicity takes the security of member personal data seriously, and they are confident any client data stored (as required by various regulations) is secure.
  • Once the application to join the Scheme is submitted, the transmission of this information is encrypted and can not be intercepted.
  • Simplicity also has other internal controls and measures in place to ensure that member data is held in a secure manner. They do not hold member information on any devices and utilise cloud-based services offered by Amazon Web Services (AWS) to hold their data. ​

Our Conclusion

  • We think Simplicity offers anyone looking for a low-risk, index fund with low fees a competitive offering with a choice of six funds, from defensive to high growth.
  • With investments funnelled into New Zealand, Australian and international bank deposits, bonds, mortgages, private equity, property and shares, Simplicity brings a number of passive funds to Kiwis looking for a steady return in the long term without active management. 
  • Markets are volatile in 2023 and will likely remain that way as interest rates rise - Simplicity, like all KiwiSaver funds, may go down and up as financial markets adapt.

How does Simplicity compare with other options?