By Scott Crocker

KiwiSaver providers are financial institutions that manage KiwiSaver accounts on behalf of their clients. These providers typically charge fees for their services, which can impact the growth of your retirement savings.

Here are the types of fees that KiwiSaver providers may charge:

1. Membership Fees: Some KiwiSaver providers charge a membership fee for managing your account. This fee is usually a fixed amount and is charged annually.

2. Administration Fees: KiwiSaver providers may also charge an administration fee, which covers the costs associated with managing your account. This fee can be a fixed amount or a percentage of your account balance.

3. Investment Management Fees: KiwiSaver providers invest your money in different investment options such as growth funds, conservative funds, etc. and they charge an investment management fee for managing these investments. This fee can be a percentage of your account balance.

4. Performance Fees: KiwiSaver providers may charge a performance fee if they exceed a certain level of performance. This fee is usually charged as a percentage of your investment returns.

5. Switching Fees: If you want to change your KiwiSaver provider, you may be charged a switching fee. This fee covers the administrative costs associated with transferring your account to a new provider.

It is important to understand the fees charged by KiwiSaver providers and to compare them before choosing a provider. The fees can have a significant impact on the growth of your retirement savings over time. Make sure to read the provider's Product Disclosure Statement (PDS) carefully to understand the fees and any other charges associated with your KiwiSaver account.