KiwiSaver: how unit prices work
Why does my KiwiSaver balance in MyAMP show a date a few days ago?
KiwiSaver is a managed fund, so it works differently to a bank account. Your money is invested into your chosen fund (rather than sitting as cash), and that fund invests in assets (such as shares, property, and government bonds etc.). As those assets go up and down in value, the value of the fund changes too - so the unit price changes each business day.
Each KiwiSaver fund is unitised. This means:
- The fund’s total value is split into units.
- You own a number of units in your chosen fund(s).
- Your balance = your number of units × that day’s unit price.
For example, if you have 10,000 units and the unit price is $1.50, your balance for that date would be $15,000.
Why isn’t the unit price available straight away?
The unit price can only be calculated once we have confirmed closing prices for all the assets held in the fund(s). That means pricing can only happen after all relevant markets have closed.
Many KiwiSaver funds invest in international markets (for example in the US) and those markets close later than New Zealand. We need to wait for those final prices, then complete pricing and processing before customer systems can be updated.
Here’s an example of how a contribution flows through to MyAMP:
- Monday: You contribute $100 to your KiwiSaver.
We receive the money and allocate it to be invested at Monday's unit price.
- Tuesday: international markets your close (including, for many funds, the US market).
We receive the confirmed end-of-day prices for the fund’s underlying investments.
- Wednesday: The fund’s unit price for Monday is calculated (this is sometimes called ‘pricing’ or ‘price struck’).
This includes processing transactions like contributions, withdrawals, and any PIE tax estimates.
- Thursday: MyAMP and other customer systems are updated.
Your contribution and updated balance display in MyAMP.
The key takeaway
Your money is working for you from the day it’s received. It’s normal for MyAMP to display a balance date that is a few days behind. This reflects the managed fund pricing process which is reliant on the closure of international markets. This approach helps ensure pricing is accurate and applied equitably for all investors in the fund.