10.03.2026
Kate Jones, PPF Chair, commented; “The Board would like to thank Michelle for her contribution to the PPF. During her time as Chief Executive she brought valuable international experience and insight, added some brilliant talent to the senior leadership team and played a central role in shaping our 2025-28 strategy, helping position the organisation strongly for the future, in support of the members we serve.
“We are grateful to Richard for accepting the role of Acting Chief Executive. He will provide stability, clarity and focus during this transition, working with the support of our strong executive team.”
Michelle Ostermann said; “During two rewarding years at the PPF it has been my privilege to work with an exceptional team, dedicated to delivering security and stability for members. I am proud of the progress made during my tenure and in the meaningful transformation advanced across the industry during that time.
“I will now refocus on pensions at a global level, alongside my role as Chair of the International Centre for Pension Management. I look forward to sharing more in due course.”
Richard Beaven, Acting Chief Executive, added “It’s a privilege to take on the role of Acting Chief Executive at such an important time for the pensions industry. I look forward to working closely with the Board and my executive colleagues to ensure the organisation continues to deliver on its priorities and support the millions of people who rely on the protection we provide.”
-ENDS-
Notes to Editors
Richard is responsible for overseeing the PPF’s corporate functions, ensuring they support the seamless operation of the organisation. Before joining the PPF, Richard was the managing director of an insurance broking business running day-to-day operations and accountable for a programme of acquisitions. Prior to this, he held several senior positions at firms in the financial services sector, including global head of change at Thomson Reuters, operations director at Lloyds Banking Group and chief operating officer at Brightside Insurance.
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 8.8 million members belonging to more than 4,800 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 the return on its investments, assets from pension schemes transferred into the PPF, recoveries from insolvent employers, and historically by a levy.
The PPF is one of the UK’s largest asset owners with £31.2 billion of assets under management. It also administers the Fraud Compensation Fund (FCF), the Government’s Financial Assistance Scheme (FAS) and across both the PPF and FAS looks after over 430,000 members.
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