Its ratings are determined by the provider’s investments, fees, member servicing, scheme administration and governance.

SuperRatings said the schemes with a platinum rating were well placed to deliver strong value for members and enhance retirement outcomes, relative to their peers.

“The discussion about fees remains strong in the New Zealand market; however, it is pleasing to see the notion of 'value for money' gaining prominence. In saying that, we believe value for money must encompass a focus on investment earnings, as well as the fees charged. We refer to this as the net benefit outcome," said SuperRatings executive director Kirby Rappell.

“Our latest net benefit research indicates that fund selection across conservative, balanced and growth funds can have the greatest impact on outcomes for members, far greater than switching providers within the same fund category. This reinforces the importance of choosing a suitable fund, which continues to be a key issue in the New Zealand market.

“Determining the appropriate fund type is not a simple task though. Pleasingly, we have seen a rising emphasis on tools such as online calculators and digital advice to support members through the process. Furthermore, we continue to believe member engagement and access to advice services is imperative and have seen a number of schemes improve their strategies in this area over the past 12 months. It has also been pleasing to see the focus on engagement across the market from both providers and the regulator.

“The disengagement challenge remains though, despite the average member’s balance growing to over $24,000. The Australian market experience reinforces the struggle, with average balances of over $80,000 and significant apathy remaining. Therefore, we encourage schemes to proactively engage and educate their members to ensure they receive the best retirement outcomes."

ASB's KiwiSaver scheme was among the platinum-rated funds.

The bank's general manager of wealth Jonathan Beale said it endorsed the team's commitment to delivering top investment performance with a customer-focused, cost-effective approach.

“We’re extremely proud. Our team spends every day striving to achieve great outcomes, helping our customers to progress financially in life and reach their retirement and savings goals. Having that effort acknowledged with a platinum rating from SuperRatings is incredibly rewarding.”

Platinum-rated schemes:
ASB KiwiSaver Scheme
Fisher Funds KiwiSaver Scheme
Fisher Funds TWO KiwiSaver Scheme
Mercer KiwiSaver Scheme
Milford KiwiSaver Plan
New Zealand Defence Force KiwiSaver Scheme
OneAnswer KiwiSaver Scheme
Westpac KiwiSaver Scheme

Gold-rated schemes:
AMP KiwiSaver Scheme
ANZ Default KiwiSaver Scheme
ANZ KiwiSaver Scheme
Aon KiwiSaver Scheme
BNZ KiwiSaver Scheme
Booster KiwiSaver Scheme
Generate KiwiSaver Scheme
Kiwi Wealth KiwiSaver Scheme