The Pension Protection Fund (PPF) has announced that Michelle Ostermann has stepped down as chief executive of the organisation, with Richard Beaven appointed as acting chief executive.

Ostermann was chief executive of the pensions lifeboat for two years but has departed to “refocus on pensions at a global level”.

PPF chief operating officer, Richard Beaven, has been named as acting chief executive with immediate effect and has been appointed to the PPF board as executive director.

Prior to joining the PPF, Beaven was the managing director of an insurance broking business and has held senior positions at several 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.

Commenting on the announcement, PPF chair, Kate Jones, said: “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.”

Ostermann described her time at the PPF as “rewarding” and said it had been a privilege to work alongside a 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,” she continued.

“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.”

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.”

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