Mercer Kiwisaver Scheme
Cash Fund
The Smiths take
Cash Fund Smiths Rating B+
Smiths' editorial rating, our internal opinion based on 10-year returns, fees, and risk band fit. Not a formal credit rating or regulated star rating.
The fund matches or beats the group average on the standard Sorted measures. Read the full breakdown below.
General information only · Past performance is not a reliable indicator of future performance · For personal advice please contact us.
At a glance
This fund is for investors seeking
Three quick reads for whether the Cash Fund fits your situation.
A 1+ year timeframe
This is a defensive KiwiSaver fund. The provider's recommended minimum holding period sits in the 1+ year range.
A lower-risk investment
Sorted's risk indicator places this at 2 on a 1–7 scale. Smaller swings, lower long-term returns.
Mostly income assets
0% growth assets (shares, property) and 100% income assets (bonds, cash). Spread across multiple asset classes.
Snapshot
The headline numbers
Mix
0.00% / 100.00%
Growth / Income · avg 0.36% / 99.64%
Fees
0.32%
$96 on $30k · avg 1.22%
5-yr return
2.37%
Annualised, after fees & 28% PIR · avg 2.37%
What the provider says
In their own words
“Invests entirely in cash and short term interest bearing investments. Designed for investors who want no exposure to growth assets or where the funds may be required in the shorter term.”
- Fund start date
- 1 October 2007
- Withdrawal rules
- This is a KiwiSaver fund. generally you can withdraw only to purchase a first home, after the age of 65, or in cases of significant financial hardship.
Asset mix
What this fund actually holds
Growth assets are 0.00% of the fund, income assets the rest. The mix is the latest snapshot from Sorted, with the average for this risk band's KiwiSaver funds shown alongside.
- Sharesthis fundavg
0.00%
avg 0.23%
- Propertythis fundavg
0.00%
avg 0.14%
- Otherthis fundavg
0.00%
avg 0.00%
- Bondsthis fundavg
0.00%
avg 50.54%
- Cashthis fundavg
100.00%
avg 49.09%
What it owns
Top 10 holdings. 40.48% of the fund
The rest is spread across hundreds of other positions. Full holdings live in the provider's portfolio file.
Westpac New Zealand Limited Rcd Maturing 23/02/2026
Cash
Cash and Cash EquivalentsNZ6.54%New Zealand Local Government Funding Agency Bond 1.50% 15/04/2026
Cash
Cash and Cash EquivalentsNZ5.58%Westpac New Zealand Limited 1.439% 24/02/2026
Cash
Cash and Cash EquivalentsNZ5.32%Rabobank New Zealand Limited Rcd Maturing 01/05/2026
Cash
Cash and Cash EquivalentsNZ4.15%Asb Bank Limited Rcd Maturing 09/02/2026
Cash
Cash and Cash EquivalentsNZ3.48%Asb Bank Limited Rcd Maturing 27/02/2026
Cash
Cash and Cash EquivalentsNZ3.48%Rabobank New Zealand Limited Floating Rate Note 16/03/2026
Cash
Cash and Cash EquivalentsNZ3.29%Industrial And Commercial Bank Of China Rcd Maturing 19/03/2026
Cash
Cash and Cash EquivalentsNZ3.05%Westpac New Zealand Limited 3.02% 06/10/2026
Cash
Cash and Cash EquivalentsNZ2.81%Asb Bank Limited Rcd Maturing 10/02/2026
Cash
Cash and Cash EquivalentsNZ2.78%
Fees breakdown
What you actually pay
Modelled on a $30,000 balance held for one full year. Each line shows this fund's % and dollar cost vs. the average for funds in the same risk band.
Management
Charged by the fund manager, % of your balance.
0.28%
avg 0.47%
$84
avg $140
−0.19%Other
Other potential costs not in the categories below.
0.00%
avg 0.23%
-
avg -
−0.23%Performance-based
Higher when the fund (or underlying fund) performs well.
0.00%
avg -
$0
avg -
Membership
A flat annual fee, regardless of balance or performance.
0.00%
avg 0.05%
$0
avg $15
−0.05%
Total combined fees
Doesn't include fees for one-off activities like transferring or withdrawing.
0.32%
avg 1.22%
$96
avg $366
Yearly returns
2.37% per year over 5 years
Each bar is the 12-month return ending in March, after fees and 28% PIR. Past performance is not a reliable indicator of future performance.
Returns: living in the past
Seeking returns is the point of investing, but the ones shown above are already gone. they won't continue. Pick a fund based on the right mix for your situation and reasonable fees, not on past returns.
Risk indicator
Sorted risk rating: 2 of 7
The Sorted risk indicator is calculated from the last 5 years of price volatility. Higher = more ups and downs but typically higher long-term returns.
Fund details
The unsexy stats that matter
- Total fund value
- $33,308,864
- Members
- 1,207
- Asset liquidity ratio
- 100.00%
- Debt ratio
- 0.55%
- Default KiwiSaver fund
- No
- Fund reference
- FND11
Manager
Mercer Kiwisaver Scheme
Licensed with the Financial Markets Authority.
- NZBN
- 9429040873121
- FSP number
- FSP42742
Smiths Health Check
Is the Cash Fund actually the right fund for you?
Take the 90-second Health Check. We'll grade your current setup, tell you what it's costing you, and recommend the best fit from our advised panel, benchmarked against every fund in the directory, not just mercer.
Our directory covers every NZ KiwiSaver fund. Our advice panel is five schemes (ANZ, Booster, Fisher Funds, Generate, Milford); recommendations land on four funds across Milford and Booster — how we're paid →