Kate’s career spans senior investment leadership and board roles in the financial services industry including JP Morgan, BlackRock, Schroders and M&G.

She began her career as a portfolio manager at Prudential M&G before playing an instrumental role in the growth of BlackRock’s Solutions business where she built and led the portfolio management function with responsibility for over £300 billion of assets.

Kate has been a non-executive director of the Pension Protection Fund since 2016, becoming chair of the Board in 2021.

Kate is non-executive chair of JP Morgan Funds Limited. Prior roles have included trustee and chair of the investment committee for Smart Pension Master Trust and director of Blackfinch Spring VCT and also chair of trustees of financial education charity, Redstart Educate.

Working with senior executives in multiple sectors across the UK, Kate is also the co-founder of executive coaching business &become.

Michelle Ostermann is recognised as a thought leader in the pensions industry, having contributed significantly to the global landscape. She is well recognised as an inspirational leader and excellent communicator and very passionate about the growing and important role asset owners play in financial systems. Her extensive global network gives her an exceptionally broad perspective on best practices and trends. She is best known for her experience in governance, strategy and risk management. Throughout her career she has developed a track record of transforming businesses and cultures.

Michelle joined the Pension Protection Fund as CEO in April 2024 and has been the Chair of the global pension industry association, International Centre for Pension Management (ICPM), since January 2024. She has over 30 years of experience in the global pensions and investment industry and has held senior positions at several leading firms in Canada and the UK.

Michelle was Managing Director at Railpen Investments in the UK where she was ultimately responsible for the £30 billion railway workers’ pension fund. Most recently Michelle was the Senior Vice President and Global Head of the $120 billion Capital Markets team at PSP Investments, the fourth largest pension fund in Canada.

Before joining TPR in 2023, Nausicaa Delfas was Executive Director, Governance, at the Financial Conduct Authority (FCA). Until October 2022, she was Chief Executive Officer and Chief Ombudsman of the Financial Ombudsman Service (interim), clearing its backlogs and spearheading its strategic, operation and digital transformation, resetting the organisation for the future.
Before that, as Executive Director of International, she was responsible for the FCA’s international and Brexit strategy and delivery. She has also served as the FCA’s Chief Operating Officer and previously held senior roles at the FCA and FSA, including in Supervision. Enforcement, Risk and Policy, across retail and wholesale sectors.
She has led innovative and complex transformational initiatives, driving changes in regulation and culture. Before joining the FSA, Nausicaa trained and qualified as a solicitor at City law firm Freshfields in London.

Oliver Morley is CEO of the Money and Pensions Service and joined us on 1 February 2024.

Oliver brings a blend of senior private sector experience at Reuters combined with a unique record of change leadership as a CEO in the public sector. In his time running the Pension Protection Fund, reserves doubled from £6 to 12 billion and the PPF levy on pensions fell by 80%. At DVLA, both the tax disc and the driving licence counterpart were abolished, with fees cut for the first time and innovative digital services from a newly insourced IT team. As Keeper of The National Archives, he delivered the successful launch of the 1911 census and legislation.gov.uk. He has been awarded a CBE for his contribution to digital public services.

Oliver is committed to seeing MaPS reach its full potential “to help people, particularly those most in need, to make the most of their money and pensions.” His established relationship with key pensions industry stakeholders will support the team as we deliver the Pensions Dashboards Programme, with it now on track to the October 2026 target date.