OFE reform ruled constitutional

The Constitutional Tribunal ruled, after a two-day sitting, that the reform of private pension funds (OFE) conducted in December 2013 is constitutional, bar the ban on OFE advertising. Despite the fact that Bronisław Komorowski, the president at the time, signed the reform into effect, he asked the tribunal whether the provisions of the law prohibiting OFE investing in treasury bonds and advertising their services are constitutional. Additionally, Poland's ombudsman claimed that the reform violates the principle that the law isn't retroactive and undermines citizen's trust in the state. The 2013 reform shifted 51.5 percent of the assets held by the funds (around PLN 153 million) to the state-run, pay-as-you-go pension system.