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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. 

“Having long admired the PPF’s astute approach to investing and its profound impact on the UK pension system, as evidenced by its award-winning investment and administration businesses, it is both an honour and a privilege to now contribute to shaping its future."

Katherine Easter, Chief People Officer

Katherine makes sure we attract and retain the right people and shapes our communications, overseeing how we engage with our staff, stakeholders and the media. Katherine has worked in senior level HR positions in both private and public sector organisations.

Before joining us, Katherine was head of HR, regulated industries, at the engineering consultancy Kier, previously Mouchel. Her work received industry recognition and delivered a two-year people strategy that increased the organisation from 800 to 2,500 people through organic growth and acquisition.

She also implemented an employee engagement strategy aimed at significantly reducing staff turnover, which resulted in Mouchel securing a top 20 place in The Sunday Times' Best Companies to Work For.

Katherine currently holds a non-executive role at Isle Utilities. She has an MSc in Social and Applied Psychology from the University of Kent and lives in London.


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.



Barry Kenneth, Chief Investment Officer

Barry is responsible for setting our investment strategy and making sure we invest our assets in line with it. This is to make sure we have enough money to pay our members for as long as needed.

Barry's previous role was at Morgan Stanley, where he was Managing Director and Head of UK fixed income institutional and pensions coverage.

Prior to this, he was Director at the Royal Bank of Scotland advising on risk management and balance sheet management solutions for large corporate clients. He later specialised in pensions and insurance companies.

Barry holds a BA (Hons) in Accounting from the University of Abertay.

Dana Grey, Chief Risk Officer

Dana joined the Pension Protection Fund in 2009 and became Head of Legal in 2013.  

Before joining us, Dana was a pensions lawyer in private practice at City firms including Mayer Brown and Taylor Wessing. One of her first achievements with us was establishing and heading up the Operations Solutions team, responsible for process improvement, pensions technical support, high-profile/complex schemes and panel management. 

Dana then led the establishment of the Compliance & Ethics function at the PPF becoming Director of Legal, Compliance & Ethics and the organisation’s Data Protection Officer on its completion.

Dana is also Chair of the PPF’s Diversity and Inclusion Sponsorship Group.  She co-founded the inaugural employee network group for gender and is a co-lead of the PPF’s Race Action Group.  Dana is also a Steering Group member for the Diversity Project.

Outside of the PPF, Dana is a Non-Executive Director of Croydon BID and a member of its Finance and Audit Committee.

David Taylor, General Counsel

David Taylor was appointed to the PPF Board as an executive director and General Counsel in 2015. David joined the PPF shortly after its establishment in 2005 and has since taken on responsibility for areas including policy, strategy, restructuring/insolvency and Board support. The PPF levy has been a particular focus throughout, with David leading both development and operational delivery since 2014.

Earlier in his career, David specialised in corporate and commercial law. He spent ten years in private practice at Linklaters and US firm WilmerHale. He is a trustee of Roundabout Dramatherapy.



Simon Liste, Chief Technology Officer

Simon is responsible for overseeing our IT and change strategy, and our facilities management service. He makes sure that we handle data safely and have effective security services, partners and solutions in place. 

During his time here he's overseen a major programme that has moved the PPF from being dependent on a single managed service provider, to multiple partners and in-sourced subject matter experts. This is the platform for his digital transformation programme.

Simon has a demonstrable history of delivery transformation, efficiencies and optimisations according to an organisation’s needs. He’s worked within multiple industries ranging from financial services to real estate. 

Simon is a passionate advocate of continuing education, mentoring and developing people. He’s a firm believer that people are at the forefront of all success and transformations. 

Before joining us, Simon was Group Head of IT at First Quantum Minerals LTD. Prior to this, he held the position of IT Business Director at Savills, and had roles at Norton Rose and the FCA.

Shalin Bhagwan, Chief Actuary and interim Chief Financial Officer

Shalin Bhagwan joined the Pension Protection Fund in 2023. He is our Chief Actuary and interim Chief Financial Officer.

Shalin brings extensive pensions, insurance and investment experience having worked across the sector for many years. He started his career in South Africa in life insurance pricing and reserving and then transitioned into liability valuations for defined benefit pension funds. 

In addition, he brings significant LDI, derivative and credit portfolio management experience and has advised some of the UK’s largest pension funds on their LDI strategies both as a consultant with Mercer and portfolio manager with Legal & General Investment Management..

He is a member of the advisory panel at the Financial Reporting Council. He recently served as a member of the Institute and Faculty of Actuaries' Finance and Investment Board and as an advisory member for the task force to boost socio-economic diversity at senior levels in both the financial and professional services sectors.