Ostermann exits PPF as chief operating officer steps into CEO role

Richard Beaven, currently chief operating officer, has been appointed acting chief executive and has joined the PPF board as an executive director.

Ostermann joined the PPF two years ago from the Canadian pension fund PSP and oversaw negotiations to reduce the PPF’s levy in light of its strong funding position. Last month, it confirmed that it would charge no conventional levy for the 2026-27 financial year.

Kate Jones, the PPF’s chair, said in a statement: “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.”

Jones added that Beaven would “provide stability, clarity and focus during this transition, working with the support of our strong executive team”.

While the PPF did not give a reason for Ostermann’s departure, the exiting CEO said she would “refocus on pensions at a global level”. She currently chairs the International Centre for Pension Management, a research body.

Ostermann added: “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.”

Beaven 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.”