The Pension Protection Fund (PPF) has announced the appointment of Michelle Ostermann as its new CEO, succeeding Oliver Morley, effective from 1 April.

Ostermann, who is also the International Centre for Pension Management (ICPM) chair, brings over 30 years of pension investment and senior leadership experience to her new role at the PPF.

She has also held several other senior positions, notably as Railpen Investments managing director in the UK, and most recently as senior vice president and global head of capital markets at PSP Investments in Canada.

Commenting on the appointment, PPF chair, Kate Jones, 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.”

Adding to this, Ostermann said: “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 critical role in defining best practices and reshaping the UK pensions landscape – a prospect I eagerly anticipate diving into.”

The PPF previously confirmed that its current chief executive, Oliver Morley, would be leaving to take up a new role as the chief executive of the Money and Pensions Service (Maps), effective from 1 February 2024.

PPF chief people officer, Katherine Easter, has also been appointed as interim CEO until Ostermann joins in April.

Commenting on this interim appointment, Jones added: “Katherine was a 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. “

Pensions Minister, Paul Maynard, added: “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.”

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