19.10.2023
The Pension Protection Fund (PPF) today announces the appointment of Michelle Ostermann, a distinguished global pension executive, as its new CEO, succeeding Oliver Morley. Ms Ostermann is set to assume her new role on 1 April, based in London.
The PPF is entrusted with securing the futures of nearly 10 million members of eligible defined benefit pension schemes across the UK, and oversees a portfolio of £32.5billion in assets.
Michelle Ostermann, is the Chair of the global pension industry association, International Centre for Pension Management (ICPM) and brings to the PPF over 30 years of pension investment and senior leadership experience. She is widely recognised for her outstanding global network and knowledge of pension systems. Michelle has held several other senior positions at leading firms, notably as 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.
Kate Jones, Chair of the PPF, speaking about the appointment said, “We are delighted to welcome Michelle to the PPF as we navigate our next chapter. Her member centric approach and fiduciary experience will certainly help us to continue to play a pivotal role in safeguarding the futures of those who rely on us, while also delivering for our levy payers and other key stakeholders. As a recognised thought leader in the global pensions industry, her vision, curiosity, knowledge, and transformative approach will be invaluable as we continue to explore the possible expansion of our remit in support of the government’s economic plans for the UK. I very much look forward to working with her.”
Michelle Ostermann also shared her thoughts, '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. In a pensions industry rife with challenges and opportunities, I firmly believe the PPF is poised to play a pivotal role in defining best practices and reshaping the UK pensions landscape – a prospect I eagerly anticipate diving into.’
Katherine Easter, currently Chief People Officer, has been appointed as Interim CEO until Michelle joins in April. Kate Jones, added “Katherine was our natural choice for the interim role because of her unique mix of skills, technical knowledge and leadership experience gained in over 13 years at the PPF. She has seen the business undergo significant transformation and been integral to shaping our strategy as a trusted confidante of our CEOs and Chairs past and present. We have a strong Executive Committee who Katherine will work closely with to lead the organisation and deliver the best possible outcomes for our stakeholders during this transitionary phase."
Minister for Pensions, Paul Maynard, said: “The CEO of the PPF provides oversight of a high-profile organisation that has nearly 10 million members, making this a challenging but rewarding position.
“I welcome the appointment of Michelle Ostermann in April, with her wealth of experience, and I am grateful to Katherine Easter for stepping into the role of Interim CEO until that time.”
ENDS
Notes to editors
About the PPF
The Pension Protection Fund (PPF) is a public corporation, set up by the Pensions Act 2004, and has been protecting members of eligible defined benefit (DB) pension schemes across the UK since 2005. The PPF is run by an independent Board and accountable to Parliament through the Secretary of State for the Department for Work and Pensions. It protects close to 10 million members belonging to more than 5,100 pension schemes. If an employer collapses and its DB pension scheme cannot pay members what they were promised, the PPF pays compensation for their lost pensions. The PPF is funded by a levy charged to eligible schemes, the return on its investments, assets from pension schemes transferred into the PPF and recoveries from insolvent employers.
The PPF is one of the UK’s largest asset owners with £32.5 billion of assets under management. It also administers the Fraud Compensation Fund (FCF) and the Government’s Financial Assistance Scheme (FAS), and across both the PPF and FAS looks after nearly 440,000 members.
For further press information contact:
PPF Press Office
020 8406 2107
[email protected]
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