The recent consolidation and growing maturity in the KiwiSaver industry is producing high quality funds and giving investors more choice.
That's the conclusion of a report by the research firm Morningstar, which analysed 46 KiwiSaver funds of the nine largest providers, which manage about 88 percent of all KiwiSaver assets.
AMP, ANZ and two of Milford's KiwiSaver schemes were each awarded a silver medal - the first time that's ever been given out - while Mercer, Westpac and another of Milford's KiwiSaver schemes were awarded bronze.
The co-head of fund research at Morningstar, Chris Douglas, says this shows the KiwiSaver industry is in good health and continues to improve.
"As the market grows, in general we'll see more choice, more competition, because investors are going to be demanding more from fund managers."
Mr Douglas says that is a good thing for fund managers, and for investors in particular."