Kate Jones, Chair of the Pension Protection Fund
Kate’s career spans senior investment leadership and board roles in the financial services industry including JP Morgan, BlackRock, Schroders and M&G.She began her career as a portfolio manager at Prudential M&G before playing an instrumental role in the growth of BlackRock’s Solutions business where she built and led the portfolio management function with responsibility for over £300 billion of assets.
Kate has been a non-executive director of the Pension Protection Fund since 2016, becoming chair of the Board in 2021.
Kate is non-executive chair of JP Morgan Funds Limited. Prior roles have included trustee and chair of the investment committee for Smart Pension Master Trust and director of Blackfinch Spring VCT and also chair of trustees of financial education charity, Redstart Educate.
Working with senior executives in multiple sectors across the UK, Kate is also the co-founder of executive coaching business &become.
Chris Cheetham, Non-executive Director
During his executive career, Chris Cheetham spent 41 years working in the investment management industry, most recently as global chief investment officer for HSBC’s global asset management business. Previous roles include global CIO for AXA Investment Managers, CEO at AXA Sun Life Asset Management and director of investment strategy and research at Prudential Portfolio Managers (now M&G).
He now holds a number of non-executive roles, including trustee of the BT Pension Scheme and roles with The Peoples Pension and the Science Museum Foundation.
David Atkinson, Non-executive Director
David has held a variety of senior international roles in finance and risk management during his 23-year career at Goldman Sachs, most recently as a senior managing director of the risk division.A chartered accountant by training, David is also a non-executive director at Mizuho International plc, Hertfordshire Partnership University NHS Foundation Trust, and Credit Suisse UK Limited.
In his spare time David is a lifeboat volunteer for the RNLI in Wales and an independent humanist funeral celebrant.
Jim Gallagher, Non-executive Director
Jim Gallagher is an experienced non-executive director, having been a board member for some of the country’s largest pension and life assurance companies. Prior to joining the PPF Board he held non-executive roles at Phoenix Life, Standard Life, Reassure UK, Legal & General, Police Mutual, Royal London Assurance, Scottish Mutual and others.
In addition to his extensive board experience, Jim has held a fellowship at Nuffield College, Oxford, and is an honorary professor in the School of Law at Glasgow and in the Centre for Constitutional and Legal Research at St Andrews. He is a trustee of the Royal Society of Edinburgh, Scotland's National Academy, and chairs the Think Tank Our Scottish Future. He has been a member of the council and then the regulatory committee of the Law Society of Scotland and held other charity directorships.
During his senior executive career in public service Jim held a number of civil service positions in Number 10, the Cabinet Office and the Scottish Office, including as senior advisor on devolution to both Prime Ministers Gordon Brown and Tony Blair, head of the Scottish Justice Department and as private secretary to successive Secretaries of State for Scotland.
Liz Woolman, Non-executive Director
Liz Woolman is an accredited associate executive coach and non-executive director with over 25 years’ experience in the technology and financial services sectors.
Liz is currently a non-executive director at both the Local Pensions Partnership Administration Limited and Anglo Saxons Friendly Society. Liz is also a trustee of Friends of High Weald Churches, a charity.
During her executive career Liz managed an extensive technology portfolio for BT Group leading a successful digital transformation, launching innovative new products and services, increasing efficiency and implementing new systems and technology platforms.
Prior to joining the PPF Board she was also a non-executive director at the Places for People Group.
Michelle Ostermann, Chief Executive Officer
Michelle Ostermann joined us as our chief executive officer on Monday 1 April 2024.She brings over 30 years of pension investment and senior leadership experience. She’s the chair of the global pension industry association, International Centre for Pension Management (ICPM) and is widely recognised for her outstanding global network and knowledge of pension systems.
Michelle has held several other senior positions at leading firms, including the managing director of Railpen Investments in the UK and most recently senior vice president and global head of capital markets at PSP Investments in Canada.
Nailesh Rambhai, Non-executive Director
Nailesh is an experienced international lawyer and non-executive director. He began his career at Linklaters and then McDermott, Will and Emery, before moving to Coventry Building Society as group general counsel and company secretary.
Nailesh has lived and worked in the UK, Canada, the USA and South-East Asia, including as a senior executive with Petronas. During the covid-19 pandemic he worked as a senior adviser to the COVAX facility (working with GAVI, the WHO and UNICEF).
He is also a non-executive director of University College London Hospitals NHS Trust, Birmingham Women’s and Children’s Hospital NHS Trust, Newbury Building Society, Whittington Health NHS Trust, and the charity United Way UK.
Sara Protheroe, Chief Customer Officer
Sara is responsible for overseeing the assessment and transfer of pension schemes to the PPF, the processing of Fraud Compensation Fund claims, and looking after more than 400,000 PPF and FAS members. She was previously PPF’s director of strategy and policy, where she had responsibility for developing strategy and policy in relation to all aspects of the PPF, including the levy.
Before joining the PPF as a founding employee in 2005, Sara undertook a number of roles in the DWP, including private secretary to a former Pensions Minister, the late Malcolm Wicks and was a pivotal member of the DWP team who designed the PPF.
Sara was awarded an OBE in October 2020 for services to pensioners.
Simon Gadd, Non-executive Director
Simon brings over 35 years executive and non-executive financial services experience gained through a variety of roles at L&G, where he now acts as an advisor to the executive team, divisional and subsidiary boards, and is a non-executive director on the boards of Legal & General Home Finance and Legal & General Affordable Homes. Simon is an active mentor to future leaders.
Simon’s most recent executive role was as group climate change director, developing the group strategy and managing the risks from climate change. He was previously group chief risk officer across both UK and overseas operations. Earlier in his career Simon led several different businesses within the Legal & General Group, including the retail protection business, group protection business and as managing director of annuities.
Sonia Gogna, Non-executive Director
Sonia brings extensive financial, actuarial, pensions and investment experience gained from her 20-year executive career in fund management and consulting, with particular expertise in bespoke multi-asset investment solutions and LDI hedging. Her most recent role was as global head of investment solutions at abrdn, where she was responsible for leading abrdn’s solutions business across DB and DC pensions, wealth, and insurance globally. Prior to joining abrdn, she was head of OCIO for large clients at Aon and a key member of its investment leadership team, having joined from State Street Global Advisors.
Sonia has served on the board of the Children’s Investment Fund Foundation (CIFF) since 2020 and earlier this year became board chair for a $6 billion subsidiary of CIFF focussed on children and climate change.