Lifetime Retirement Income Fund
Managed by Lifetime 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
1.36%
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$115.0m
53% growth · 47% income
Managed investment fund designed to turn your retirement savings into a variable retirement income.
Key facts
Fund start date
26 March 2021
Min. investment
NZ$1,000
Tax structure
PIE
Capped at your PIR (max 28%)
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
1.36%
Category median: 0.99%
Pricier than most peers (top 89% by fee)
Fund size
NZ$115.0m
Category median: NZ$57.5m
63th percentile by AUM
Illustrative 5y fee impact on a sample balance of $10,000
$662
Compounded charge over 5 years (excl. returns)
$176 more than peer median
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 | 18.34% |
| SW Smart Wholesale Global Equity ESG Fund Hedged | 17.73% |
| FI Fisher Institutional New Zealand Fixed Interest Fund | 14.38% |
| SN Simplicity NZ Share Fund | 10.58% |
| $ Cash at Bank | 7.51% |
| SW Smart Wholesale Global Credit Fund | 6.99% |
| SW Smart Wholesale Global Government Bond Fund | 6.98% |
| SW Smart Wholesale Australian Equity ESG Fund Unhedged | 5.21% |
| KN Kernel NZ Commercial Property Fund | 3.78% |
| KG Kernel Global Infrastructure (NZD Hedged) Fund | 2.88% |
Documents
Every dated PDS, quarterly fund update and full-portfolio holdings file. Linked from the FMA Disclose register via Sorted Smart Investor.
- LIFETIME RETIREMENT INCOME FUND (FND22680) Full portfolio holdings 31 March 2026.xlsx Download the full portfolio holdings. XLSX, 0.29 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 LRIF Fund Fund Update 31 March 2026.pdf The quarterly update published by the provider PDF, 533.72 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 →Head-to-head
Compare Lifetime Retirement Income Fund with…
Side-by-side numbers — fees, returns, risk, fund size, asset mix.
Peer funds
Other Diversified funds
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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 Retirement Income Fund?
Lifetime Retirement Income 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 Retirement Income Fund?
It is a diversified managed fund. The fund has a income 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 Retirement Income Fund?
The annual fund charge for the Lifetime Retirement Income Fund is 1.36% 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 Retirement Income 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 Retirement Income Fund a PIE fund?
Yes. The Lifetime Retirement Income 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 Retirement Income Fund?
Fund size (assets under management) is NZ$115 million as at the latest Quarterly Fund Update. Asset mix is approximately 53% growth assets and 47% income assets.
What does the Lifetime Retirement Income Fund invest in?
The latest published top holdings are: Smart Wholesale Global Equity ESG Fund Unhedged (18.34%), Smart Wholesale Global Equity ESG Fund Hedged (17.73%), Fisher Institutional New Zealand Fixed Interest Fund (14.38%). 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 Retirement Income Fund?
The Lifetime Retirement Income Fund is available via Lifetime directly. Always read the current Product Disclosure Statement before investing.