There is no benefit of investing in a PIE fund if you're under the 28% PIR rate from a tax perspective. Though investing in a PIE fund does mean no paperwork or tax filing is required, which may be a benefit for the individual that does not care about filing returns etc.

In other threads i've voiced my concern that if the individual is serious about investing, they should invest directly with their own brokerage account. However with recent changes to NZ laws, the FMA makes it illegal for overseas brokers to serve NZ residents wanting to have trading accounts (IF THAT BROKER is not licensed with the FMA). The problem with any managed fund in NZ is they're paying tax every year on their gains. If they're invested in foreign equities where FIF comes in, then FIF will apply to the TOTAL portfolio value EVERY year regardless on years where they have a negative return. This is very different to the individual that if invested under FIF can pay not tax years that go negative, ( by choosing the CR 'Comparative Rate' instead of the FDR Fair Dividend Rate).