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Fees and charges

Fees are a fact of life. No-one likes paying over the top. We work hard to make sure our fees are fair, reasonable and reflect the value of our service.
Plus, we want to give you a helping hand. So we only charge a member fee on account balances over $500. And for members who are automatically enrolled in the Booster KiwiSaver Scheme default fund, we won’t charge you a member fee at all.

What are the fees?

The member fee covers the cost of administering your account. It’s deducted from your account each month.
 Account balance
Member fee¹¹ Members who pay the standard member fee of $3.00 per month automatically receive the free Accidental Death Cover benefit unless they are 65 years or over. This applies even if you have had the fee waived due to an account balance of less than $500.
All funds $0 - $500 $0
>$500 $3.00 per month ($36 per year)
Default fund $0 +
$02You will not be charged a member fee or an account closure fee if your money has only ever been invested in our default fund.

 

What are the fees?

The member fee covers the cost of administering your account. It’s deducted from your account each month.
 Account Balance
Member fee¹¹ Members who pay the standard member fee of $3.00 per month automatically receive the free Accidental Death Cover benefit unless they are 65 years or over. This applies even if you have had the fee waived due to an account balance of less than $500.
All funds $0 - $500 $0
>$500 $3.00 per month ($36 per year)
Default fund $0 +
$02You will not be charged a member fee or an account closure fee if your money has only ever been invested in our default fund.

 

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Account establishment fee No charge
Account contribution No charge
Account withdrawal No charge
Switching funds fee No charge
Account closure fee  
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Account closure fee
$302You will not be charged a member fee or an account closure fee if your money has only ever been invested in our default fund.

 

The annual fund charges include all charges associated with investing in Booster KiwiSaver funds. It excludes the monthly member fee or one-off account fees.

The annual fund charges are made up of:

Annual management fee: It’s charged as a fixed percentage of the net asset value of the fund.

Portfolio administration & performance-based fees: These are estimated charges and will vary, depending on the performance of the fund and the number of overseas investment transactions.

The annual fund charges do not include the monthly member fee or one-off account fees.

How is it charged?

The annual fund charges are deducted directly from the fund you invest in. This means you won’t see it as a deduction from your balance. Your balance reflects the value of your account with the annual fund charges already paid.

Tiered fee rebates

If you have more than $200,000 invested in Booster KiwiSaver funds (excluding the Default Saver Fund and the Conservative Fund), you’ll receive a rebate on your annual fund charge. There are four tiers of rebates, with bigger rebates for larger balances.

How is it applied?

The fee discount will be paid as a rebate. It will be calculated daily as a percentage of the total value of your investments and applied at the end of each month to buy additional units in the relevant fund(s).

If you hold any portion of your investment in one or more of the Asset Class Funds, the Asset Class Fund rebates will be applied across your entire balance.

If you hold any portion of your investment in the default fund or the Conservative Fund, no fee rebates will be applied to any of your balance.

Conservative
Conservative Fund
Account balance
Annual fund charge
Up to $200,000 0.38% (actual)
$200,0000-$500,000 0.38% (actual)
$500,000-$1million 0.38% (actual)
$1million-$2million 0.38% (actual)
Over $2million 0.38% (actual)
Enhanced Cash Fund
Account balance
Annual fund charge
Up to $200,000 0.82%
$200,0000-$500,000 0.52%
$500,000-$1million 0.32%
$1million-$2million 0.22%
Over $2million 0.00%
Capital Guaranteed Fund
Account balance
Annual fund charge
Up to $200,000 0.91%
$200,0000-$500,000 0.61%
$500,000-$1million 0.41%
$1million-$2million 0.31%
Over $2million 0.09%
Moderate Fund
Account balance
Annual fund charge
Up to $200,000 1.11%
$200,0000-$500,000 0.81%
$500,000-$1million 0.61%
$1million-$2million 0.51%
Over $2million 0.29%
Asset Class Conservative Fund
Account balance
Annual fund charge
Up to $200,000 1.11%
$200,0000-$500,000 0.97%
$500,000-$1million 0.87%
$1million-$2million 0.79%
Over $2million 0.72%

 

Balanced
Default Saver Fund
Account balance
Annual fund charge
Up to $200,000 0.35%
$200,0000-$500,000 0.35%
$500,000-$1million 0.35%
$1million-$2million 0.35%
Over $2million 0.35%
Balanced Fund
Account balance
Annual fund charge
Up to $200,000 1.24%
$200,0000-$500,000 0.94%
$500,000-$1million 0.74%
$1million-$2million 0.64%
Over $2million 0.42%
Asset Class Balanced Fund
Account balance
Annual fund charge
Up to $200,000 1.19%
$200,0000-$500,000 1.05%
$500,000-$1million 0.95%
$1million-$2million 0.87%
Over $2million 0.80%

 

Growth
Growth Fund
Account balance
Annual fund charge
Up to $200,000 1.30%
$200,0000-$500,000 1.00%
$500,000-$1million 0.80%
$1million-$2million 0.70%
Over $2million 0.48%
Shielded Growth Fund
Account balance
Annual fund charge
Up to $200,000 1.36%
$200,0000-$500,000 1.06%
$500,000-$1million 0.86%
$1million-$2million 0.76%
Over $2million 0.54%
High Growth Fund
Account balance
Annual fund charge
Up to $200,000 1.36%
$200,0000-$500,000 1.06%
$500,000-$1million 0.86%
$1million-$2million 0.76%
Over $2million 0.54%
Geared Growth Fund
Account balance
Annual fund charge
Up to $200,000
1.75%²² The Geared Growth Fund’s total annual fund charge includes estimates for the gearing fee, which is 1.1% of the amount borrowed, calculated daily. The annual fund charge does not include the interest costs paid on the gearing, currently estimated at 1.48% on the money borrowed by the Fund.
$200,0000-$500,000 1.45%
$500,000-$1million 1.25%
$1million-$2million 1.15%
Over $2million 0.93%
Asset Class Growth Fund
Account balance
Annual fund charge
Up to $200,000 1.25%
$200,0000-$500,000 1.11%
$500,000-$1million 1.01%
$1million-$2million 0.93%
Over $2million 0.86%

 

Socially Responsible Investing
Socially Responsible Moderate Fund
Account balance
Annual fund charge
Up to $200,000 1.14%
$200,0000-$500,000 0.84%
$500,000-$1million 0.64%
$1million-$2million 0.54%
Over $2million 0.32%
Socially Responsible Balanced Fund
Account balance
Annual fund charge
Up to $200,000 1.29%
$200,0000-$500,000 0.99%
$500,000-$1million 0.79%
$1million-$2million 0.69%
Over $2million 0.47%
Socially Responsible High Growth Fund
Account balance
Annual fund charge
Up to $200,000 1.35%
$200,0000-$500,000 1.05%
$500,000-$1million 0.85%
$1million-$2million 0.75%
Over $2million 0.53%

 

The finer details

Annual management fee? Variable charges? Performance-based fees? Want to understand the terms in a bit more detail? Here’s our explanation for these standard industry terms:

This fee varies between funds. It covers Booster’s administration and investment management fees, the Supervisor’s fee, and the regular costs and expenses of running the Booster KiwiSaver Scheme (such as audit fees and legal fees). It is calculated daily as a percentage of the net asset value of the fund and paid monthly.

This fee also covers the fees of any funds that the Booster KiwiSaver funds invest in. Separate performance-based fees apply if a particular fund also invests in Booster Tahi LP.

Because the manager of Booster Tahi LP is Booster Funds Management Limited, and it may receive a performance fee based on the returns of Booster Tahi LP, 0.50% of Booster’s annual management fee will be rebated on the amount invested in Booster Tahi LP.

Applies to:

All funds

Some funds may invest in Booster Tahi LP and Booster Innovation Fund (BIF).

Booster Tahi LP is a limited partnership which invests in private (or unlisted) small to medium-sized New Zealand companies.

BIF is a managed investment scheme which invests indirectly in unlisted shares in early-stage companies founded on intellectual property developed in New Zealand.

The managers of Booster Tahi LP and BIF may be paid a performance fee based on their return over a certain hurdle rate. An estimate of these fees is included in the annual fund charges.

Applies to:

Moderate, Balanced, Growth, High Growth, Shielded Growth and Geared Growth Funds

This fee is up to 0.50% of any net foreign exchange transaction and may be charged directly or indirectly to Booster KiwiSaver funds that invest in funds managed by Booster.

It is deducted from the relevant fund or underlying fund and, as a result, reduces the unit price of each fund.

Applies to:

Capital Guaranteed, Moderate, Balanced, Growth, Socially Responsible Moderate, Socially Responsible Balanced, Socially Responsible High Growth, High Growth, Shielded Growth and Geared Growth Funds

This fee is worth 1.1% p.a. of the geared component (the amount borrowed) of the Geared Growth Fund. It does not apply to any other fund.

It is calculated daily as a percentage of the geared component of the Geared Growth Fund and deducted each month.

Any interest paid on the geared component (the amount borrowed) is also deducted from the Geared Growth Fund

The fee and interest costs are deducted from the Geared Growth Fund and, as a result, reduces the unit price of the Geared Growth Fund.

Applies to:

Geared Growth Fund

For more info on fees and charges, download the relevant Booster KiwiSaver Scheme PDS.