She succeeds Oliver Morley who departed the role at the end of 2023 after six years at the helm.

Ms Ostermann is chair of global pension industry association the International Centre for Pension Management (ICPM).

She has over 30 years of experience in senior management within the pension investment industry, including being managing director of Railpen Investments.

Ms Ostermann said she was attracted to the role due to the challenges it poses.

She said: “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.”

Kate Jones, chair of the PPF, 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.”

Katherine Easter, currently chief people officer at the fund, has been appointed interim CEO until Ms Ostermann joins in April. Ms Easter has spent over 13 years at the PPF.

Paul Maynard, Minister for Pensions, 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.”

The PPF is a public corporation, set up by the Pensions Act 2004, and has been protecting members of eligible defined benefit pension schemes across the UK since 2005. It is run by an independent board and is accountable to Parliament through the Secretary of State for the Department for Work and Pensions.

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 £32.5bn of assets under management. It also administers the Fraud Compensation Fund and the Government’s Financial Assistance Scheme.