Annual KiwiSaver fees look set to top $1 billion next year, based on Financial Markets Authority (FMA) data.
The FMA's annual KiwiSaver report for the year to March 31, 2026, out Thursday, showed $978.2 million in fees was deducted from KiwiSaver schemes, a 12.6% increase year-on-year.
Last year's FMA report showed fees of $868.5 million, which was a 10% increase. And the FMA's 2024 report showed $789.6 million in fees after an 18.9% increase.
To reach or breach $1 billion for the March 2027 year, KiwiSaver fees need to rise by a minimum of $21.8 million, or just 2.2%.
Fees cited by the FMA include investment management fees, administration fees, supervisor and trustee fees, and other scheme expenses. In this year's report it says there were administration fees of $21.34 million, investment management fees of $926.9 million, supervisor fees and (in the case of a restricted scheme) trustee fees of $7.2 million, and other scheme expenses of $22.7 million.
The FMA says the March 2026 year fee increase was in line with the growth in total funds under management, which rose 12.8%.
"The [FMA] chart below shows a decline in fees as a proportion of funds under management until the last three years where fees have remained relatively stable at around 0.7% of funds under management. Total KiwiSaver funds under management for the same period have increased from $93.7 billion to $138.8 billion," the FMA says.
"In the current financial year, the FMA will undertake research to understand recent trends in KiwiSaver provider fees."
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