Lifetime Balanced Fund is a diversified managed fund operated by Lifetime; PIE-structured; FMA risk indicator 4/7. Headline terms: annual fund charge 1.00% · minimum investment NZ$1,000 · distributions no distributions (accumulating). Compared with 66 other same-category funds on this site, the 1.00% annual fund charge sits in line with the same-category median of 0.99%.
PIE tax treatment — capped at your PIR (max 28%)
This fund is a Portfolio Investment Entity (PIE) under Subpart HM of the Income Tax Act 2007. Income is taxed at your Prescribed Investor Rate (10.5% / 17.5% / 28%), not your marginal income-tax rate. The fund manager calculates and pays the tax on your behalf — when your PIR is correct, you usually don't need to declare PIE income in your annual tax return. See our PIR guide and PIE tax basics for the full picture, or use the PIR calculator to confirm your rate.
Annual fund charge
0.99%
vs peer avg 1.10%
Risk indicator
4/7
1 = lower risk · 7 = higher risk
5-year return p.a.
Less than 5 years of data
peer avg 3.77%
Fund size
NZ$9.6m
53% growth · 47% income
Seeks to track composite indices (before annual fund charge and tax). Invests primarily in growth assets with a moderate exposure to income assets. Expected to experience medium to high volatility.
How Lifetime Balanced Fund differs
Factual contrasts drawn from the PDS, SIPO and latest portfolio holdings — no opinion.
- Top 3 holdings
- Smart Wholesale Global Equity ESG Fund Unhedged (17.2%) · Smart Wholesale Global Equity ESG Fund Hedged (16.6%) · Fisher Institutional New Zealand Fixed Interest Fund (15.3%)
- Currency policy
- International Fixed Interest is 100% hedged to NZD; Australian Equities are unhedged; International Equities are 50% hedged to NZD (with tactical adjustment permitted); International Listed Property is 100% hedged to NZD…
Key facts
Fund start date
22 October 2024
Min. investment
NZ$1,000
Subsequent: NZ$500
Distributions
No distributions (accumulating)
Buy / sell spread
3 bps (0.03%) / 2 bps (0.02%)
Transaction cost on subscription / redemption
Tax structure
PIE
Capped at your PIR (max 28%)
Investment policy
From the Statement of Investment Policy and Objectives (SIPO).
Strategic asset allocation ranges
| Asset class | Target | Min | Max |
|---|---|---|---|
| Cash and cash equivalents | 5% | 0% | 15% |
| New Zealand fixed interest | 17.5% | 7.5% | 27.5% |
| International fixed interest | 17.5% | 7.5% | 27.5% |
| Australasian equities | 15% | 5% | 25% |
| International equities | 35% | 25% | 45% |
| Listed property | 7% | 0% | 17% |
| Other (Listed infrastructure) | 3% | 0% | 13% |
Responsible-investment approach
The Manager and underlying fund managers generally seek out companies with good ESG practices. In selecting an underlying fund manager, one of the selection criteria is the manager's ESG practices. While the majority of underlying funds have ESG practices, a few underlying funds currently do not apply explicit ESG screens.
Derivatives policy
Derivatives may be used for risk management, performance enhancement or to optimise investment strategy implementation. Milliman is not allowed to use derivatives to gear the LRIF; unlisted and listed options will not be used; listed futures may be used to manage risk and reduce equity exposure; listed futures and/or OTC currency forwards may be used to manage exchange rate exposure of the LRIF portfolio.
Reading between the lines
Plain-English summary of the scheme's disclosed conflicts and performance-fee mechanics, drawn from the OMI and PDS. Factual restatement — no opinion.
- Lifetime Asset Management Limited manages both the Lifetime Retirement Income Fund and the Lifetime Wholesale Residential Property Fund, meaning it sits on both sides of the investment relationship between those two funds.
- The Lifetime Retirement Income Fund invests up to $6.6 million in the Lifetime Wholesale Residential Property Fund over seven years, with those funds ultimately used to finance home equity release transactions via Lifetime Home Limited.
- Lifetime Asset Management Limited may delegate functions to associated persons such as investment or administration managers, which the manager acknowledges could create conflicts between those parties' interests and investors' interests.
- Related-party transactions are permitted only if the manager either provides a compliance certificate to the Supervisor or obtains the Supervisor's prior consent confirming the transaction is in members' best interests.
Generated 2026-05-28 from Lifetime Retirement Funds OMI (dated 2025-11-27). The verbatim disclosures appear in full below — this summary is a navigation aid, not a substitute.
Scheme disclosures
From the Other Material Information (OMI) document. Scheme-level — applies to every fund in this scheme.
Trustee / Supervisor
Public Trust
Auditor
PwC
Custodian
Adminis NZ Limited
Conflicts disclosed
3
In OMI
Conflicts of interest disclosed in OMI
- The LRIF invests in the Lifetime Wholesale Residential Property Fund (LWRPF), which is also managed by Lifetime Asset Management Limited, creating a conflict of interest as the Manager manages both the investing fund and the fund receiving the investment.
- The Manager may delegate functions to associated persons, including investment managers and administration managers, which could create conflicts between the interests of those associated persons and the interests of investors.
- Related party transactions may only be done in compliance with the FMCA, which includes either the Manager providing a certificate to the Supervisor or obtaining the Supervisor's consent on the basis that it is in the best interests of members.
How this fund compares to peers
Mechanical comparison vs the 67 other diversified funds in our cohort. Source: FMA Disclose register via Sorted Smart Investor. Past performance is not a reliable indicator of future returns.
Annual fund charge
0.99%
Category median: 0.99%
Cheaper than 50% of peers
Fund size
NZ$9.6m
Category median: NZ$57.5m
17th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$485
Compounded charge over 5 years (excl. returns)
$0 less than peer median
Read the full fee-vs-peers breakdown →
Mechanical scores only — no opinion or recommendation. Different funds suit different investor goals. ManagedFundsNZ is not a Financial Advice Provider. Read the current PDS and consider speaking to a licensed financial adviser.
Top 10 holdings
As at the latest published quarterly fund update (via Sorted Smart Investor).
| Holding | % of fund |
|---|---|
| SW Smart Wholesale Global Equity ESG Fund Unhedged | 17.23% |
| SW Smart Wholesale Global Equity ESG Fund Hedged | 16.65% |
| FI Fisher Institutional New Zealand Fixed Interest Fund | 15.33% |
| SN Simplicity NZ Share Fund | 10.46% |
| SW Smart Wholesale Global Credit Fund | 7.65% |
| SW Smart Wholesale Global Government Bond Fund | 7.63% |
| $ Cash at Bank | 6.77% |
| SW Smart Wholesale Australian Equity ESG Fund Unhedged | 4.45% |
| KN Kernel NZ Commercial Property Fund | 3.93% |
| FI Fisher Institutional New Zealand Cash Fund | 3.47% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- LIFETIME BALANCED FUND (FND51094) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.27 KB
- Lifetime Retirement Funds PDS 9 March 2026.pdf How this investment works, including about the provider, risks, costs and potential returns PDF, 1.20 MB
- LRF Balanced Fund Fund Update 31 March 2026.pdf The quarterly update published by the provider PDF, 528.74 KB
- LRF Other Material Information 28 November 2025.pdf Other Material Information PDF, 371.67 KB
- Lifetime Retirement Funds SIPO 09 March 2026.pdf Statement of investment policy and objectives PDF, 466.59 KB
About this category
Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
About Lifetime
NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds.
See all funds from Lifetime →Common questions
Questions people ask about Lifetime Balanced Fund
Drawn from Google's "People also ask" panel and answered with reference to the fund's filed PDS, Fund Update and FMA Disclose data. Not personal financial advice — for guidance specific to your situation, consult an authorised financial adviser.
How risky is a balanced fund?
Balanced funds typically hold a mix of growth and income assets to moderate volatility relative to growth-only portfolios. Lifetime Balanced Fund is rated 4 out of 7 on the FMA's standardised risk indicator, with approximately 53% in growth assets and 47% in income assets as at the latest QFU; specific risk depends on the underlying holdings and market conditions.
Are balanced funds good for retirees?
Balanced funds can be suitable for retirees because they combine growth and income assets, though suitability depends on individual circumstances such as time horizon, income needs, and risk tolerance. Lifetime Balanced Fund's 4/7 risk rating and income-generating component may appeal to some retirees, but you should review the current Product Disclosure Statement and consider personal advice before investing.
What is the average return on a balanced fund?
Past returns vary significantly by fund manager, investment period, and market conditions; we do not publish forward-looking return estimates. Historical performance data for Lifetime Balanced Fund is available via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the manager's website at https://lifetimeincome.co.nz.
Head-to-head
Compare Lifetime Balanced Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
Same manager
Other funds by Lifetime
- Lifetime Retirement Income FundDiversified
- Lifetime Growth FundDiversified
- Lifetime Conservative FundDiversified
FMA risk band
Same risk band (4/7)
See every NZ retail managed fund with the same standardised FMA risk indicator. Useful for peer-checking volatility-comparable funds outside this category.
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Frequently asked questions
Mechanical Q&A grounded in the fund's PDS, SIPO, and latest QFU on the FMA Disclose register. Verify against the source before relying on any of this.
Who manages the Lifetime Balanced Fund?
Lifetime Balanced Fund is managed by Lifetime. NZ retirement-income specialist with a small range of conservative-through-growth diversified PIE funds.
What asset class is the Lifetime Balanced Fund?
It is a diversified managed fund. The fund has a balanced risk profile. Multi-asset funds that hold a mix of shares, bonds, cash and sometimes property in a single portfolio. The mix determines the risk profile — aggressive funds hold more shares, conservative funds hold more bonds and cash.
What are the fees for the Lifetime Balanced Fund?
The annual fund charge for the Lifetime Balanced Fund is 0.99% p.a., as reported in the latest Quarterly Fund Update sourced from the FMA Disclose register. Always check the current PDS for any additional fees.
What is the risk indicator for the Lifetime Balanced Fund?
The risk indicator is 4/7 on the standardised FMA-mandated scale, where 1 is lower risk and 7 is higher risk. The risk indicator is calculated from the fund's price volatility over the past five years and is published in every Quarterly Fund Update.
Is the Lifetime Balanced Fund a PIE fund?
Yes. The Lifetime Balanced Fund is structured as a New Zealand Portfolio Investment Entity (PIE). Investor tax on the fund's income is capped at the investor's Prescribed Investor Rate (PIR), which has a maximum of 28%. Most NZ-resident retail investors with a taxable income at or below NZ$48,000 qualify for a lower PIR.
How big is the Lifetime Balanced Fund?
Fund size (assets under management) is NZ$10 million as at the latest Quarterly Fund Update. Asset mix is approximately 53% growth assets and 47% income assets.
What does the Lifetime Balanced Fund invest in?
The latest published top holdings are: Smart Wholesale Global Equity ESG Fund Unhedged (17.23%), Smart Wholesale Global Equity ESG Fund Hedged (16.65%), Fisher Institutional New Zealand Fixed Interest Fund (15.33%). Holdings are disclosed in each Quarterly Fund Update; the full portfolio holdings file is also available via the FMA Disclose register.
How can I invest in the Lifetime Balanced Fund?
The Lifetime Balanced Fund is available via Lifetime directly. Always read the current Product Disclosure Statement before investing.
How risky is a balanced fund?
Balanced funds typically hold a mix of growth and income assets to moderate volatility relative to growth-only portfolios. Lifetime Balanced Fund is rated 4 out of 7 on the FMA's standardised risk indicator, with approximately 53% in growth assets and 47% in income assets as at the latest QFU; specific risk depends on the underlying holdings and market conditions.
Are balanced funds good for retirees?
Balanced funds can be suitable for retirees because they combine growth and income assets, though suitability depends on individual circumstances such as time horizon, income needs, and risk tolerance. Lifetime Balanced Fund's 4/7 risk rating and income-generating component may appeal to some retirees, but you should review the current Product Disclosure Statement and consider personal advice before investing.
What is the average return on a balanced fund?
Past returns vary significantly by fund manager, investment period, and market conditions; we do not publish forward-looking return estimates. Historical performance data for Lifetime Balanced Fund is available via the FMA Disclose register at https://disclose-register.companiesoffice.govt.nz/ and the manager's website at https://lifetimeincome.co.nz.