Who should choose a Conservative KiwiSaver fund?

Conservative funds are best for: First home buyers needing money within 1-3 years, people within 5 years of retirement, risk-averse investors who prioritize stability, and anyone with short-term savings goals. If you have 10+ years until retirement and want higher returns, consider Balanced or Growth funds instead.

What returns can I expect from Conservative KiwiSaver funds?

Conservative KiwiSaver funds typically return 3-5% annually over 5 years. Returns are lower than Growth or Balanced funds but more stable with less volatility. In good years, Conservative funds may return 6-8%, while in market downturns, they may return 0-2% but rarely negative. They protect your capital while providing modest growth.

Are Conservative KiwiSaver funds safe?

Conservative funds are the lowest risk KiwiSaver option but aren't guaranteed. They invest mostly in bonds and cash which are more stable than shares. While losses are rare, they can occur during economic downturns. Conservative funds won't grow as much as Growth funds long-term, so you trade higher returns for stability. They're safer but not risk-free.

Should I use a Conservative fund for my first home?

Yes, if you're buying a first home within 1-3 years, switch to a Conservative fund now. This protects your KiwiSaver balance from market drops right before you need it for your deposit. If your first home purchase is 5+ years away, a Balanced or Growth fund may grow your savings more. Conservative funds minimize risk when you need the money soon.

When should I switch from Growth to Conservative?

Switch from Growth to Conservative 5-10 years before retirement or major withdrawals (like first home). This protects your savings from market crashes when you need the money. A common strategy: Start in Growth funds in your 20s-40s, move to Balanced in your 50s, then Conservative in your early 60s. Switching is free and takes 2-3 weeks.

Best Conservative KiwiSaver Funds 2025

Q: What is a Conservative KiwiSaver fund?

Conservative KiwiSaver funds invest 0-30% in growth assets (shares/property), with 70-100% in income assets (bonds and cash). They prioritize capital preservation and steady returns over high growth. Conservative funds are ideal for first home buyers (need money in 1-3 years), near-retirees (within 5 years of age 65), and risk-averse investors.

Compare all 46 Conservative KiwiSaver funds ranked by stability and returns. Based on real FMA data, updated October 2025.

Total Conservative Funds

Low-risk options

Average Return

1.92%

5-year average

Average Fees

0.83%

Annual fees

Top Performer

5.15%

Milford Kiwisaver Mo...

What are Conservative KiwiSaver Funds?

Conservative funds invest 0-30% in growth assets (shares/property), with 70-100% in income assets (bonds and cash). They prioritize capital preservation and steady returns over high growth.

✅ Best For:

• First home buyers (need money in 1-3 years)
• Near-retirees (within 5 years of age 65)
• Risk-averse investors
• Short-term savings goals

⚠️ Consider Instead If:

• You have 10+ years until retirement → Balanced funds
• You want higher long-term returns → Growth funds
• You're comfortable with volatility → Growth funds

All Conservative Funds Ranked by Performance

Rank	Fund Name	Provider	5-Year Return	Fees	Risk	Members
#1	Milford Kiwisaver Moderate Fund	Milford	5.15%	0.95%	3/7	6k
#2	Superlife Conservative Fund	Smartshares	4.02%	0.67%	4/7	1k
#3	Pathfinder Kiwisaver Conservative Fund	Pathfinder	3.65%	1.01%	3/7	1k
#4	Conservative Portfolio	Maritime	3.53%	0.61%	4/7	0k
#5	Quaystreet Conservative Fund	Smartshares	3.53%	0.86%	3/7	0k
#6	Milford Kiwisaver Conservative Fund	Milford	3.44%	0.87%	3/7	8k
#7	Default Conservative Fund	Fisher	3.34%	0.51%	3/7	18k
#8	Conservative Fund	Fisher	3.17%	0.87%	4/7	43k
#9	Socially Responsible Moderate Fund	Booster	2.81%	1.21%	4/7	3k
#10	Moderate Fund	Booster	2.76%	1.20%	3/7	12k
#11	Conservative Fund	SuperEasy	2.74%	0.51%	3/7	0k
#12	Automatic Fund (Age 80)	SuperEasy	2.73%	0.51%	3/7	0k
#13	Conservative Fund	Westpac	2.72%	0.40%	3/7	148k
#14	Asset Class Conservative Fund	Booster	2.66%	1.24%	4/7	1k
#15	Pie Kiwisaver Conservative Fund	Pie	2.64%	0.69%	3/7	1k
#16	BNZ Kiwisaver First Home Buyer Fund	BNZ	2.61%	0.45%	3/7	20k
#17	Defensive Conservative Fund	Westpac	2.57%	0.40%	3/7	14k
#18	Goalsgetter Amova Conservative Fund	Nikko	2.52%	0.98%	3/7	0k
#19	Lifestages Auto Option Age 65+	SBS	2.52%	0.96%	3/7	0k
#20	Summer Conservative Selection	Forsyth Barr	2.52%	0.87%	3/7	0k
#21	AMP Conservative Fund (Lifesteps)	AMP	2.51%	0.84%	3/7	5k
#22	AMP Conservative Fund	AMP	2.51%	0.84%	3/7	11k
#23	Conservative Fund	MAS	2.44%	0.85%	3/7	2k
#24	Responsible Conservative Fund	Mercer	2.35%	0.49%	3/7	23k
#25	Conservative Fund	ASB	2.33%	0.40%	3/7	136k
#26	Conservative Fund	Mercer	2.28%	0.67%	3/7	1k
#27	Capital Guaranteed Fund	Booster	2.23%	1.03%	2/7	8k
#28	BNZ Kiwisaver Conservative Fund	BNZ	2.14%	0.45%	3/7	35k
#29	Conservative Fund	ANZ	2.01%	0.60%	3/7	14k
#30	Conservative Fund	ANZ	2.01%	0.60%	3/7	43k
#31	Global Select Conservative Fund	AMP	1.91%	1.08%	3/7	1k
#32	Conservative Fund	Simplicity	1.79%	0.25%	3/7	3k
#33	Conservative Fund	Generate	0.00%	1.21%	3/7	4k
#34	Stepping Stones 76+	Generate	0.00%	1.21%	3/7	0k
#35	Milford Conservative Fund	AMP	0.00%	1.33%	3/7	0k
#36	Stepping Stones 65-75	Generate	0.00%	1.22%	3/7	0k
#37	Goalsgetter Milford Conservative Fund	Nikko	0.00%	1.17%	3/7	0k
#38	Glidepath Age 65	Fisher	0.00%	0.92%	4/7	0k
#39	Conservative Fund	Smartshares	0.00%	1.22%	3/7	0k
#40	Sharesies Smartshares Conservative Fund	Sharesies	0.00%	0.47%	3/7	1k
#41	Investnow Fisher Funds Conservative Fund	Fundrock	0.00%	0.93%	3/7	0k
#42	Stepping Stones Growth 76+	Generate	0.00%	1.21%	3/7	0k
#43	Conservative Strategy	Koura	0.00%	0.73%	3/7	N/A
#44	Investnow Mint Diversified Income Fund	Fundrock	0.00%	0.98%	4/7	0k
#45	Investnow Milford Conservative Fund	Fundrock	0.00%	0.87%	3/7	0k
#46	Glidepath Age 75	Fisher	0.00%	0.84%	3/7	N/A

Compare Other Fund Types

Balanced Funds

Mix of growth and income assets, moderate risk

View Balanced Funds →

Growth Funds

Higher risk, higher potential returns for long-term

View Growth Funds →

First Home Withdrawal

Learn how to withdraw KiwiSaver for your first home

Learn More →

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Data source: FMA KiwiSaver Quarterly Reports, provider Product Disclosure Statements. Last updated: October 2025.

Disclaimer: Past performance does not guarantee future results. This is not financial advice. Consult a licensed financial adviser before making investment decisions.