Brussels, 15/04/2009 (Agence Europe) - On Tuesday 14 April, the European Commission decided to bring Poland before the European Court of Justice concerning restrictions applied to foreign investments of national pension funds. Polish legislation limits to a maximum of 5% the overseas investments of certain assets of national pension funds, a provision which the Commission believes constitutes an unjustified restriction of the free movement of capital. Furthermore, these investments made overseas appear to be the object of discrimination in terms of management costs and transaction costs. Although it acknowledges that pension funds are entitled to take account of certain considerations, particularly of a social nature, the Commission takes the view that article 56 of the European Treaty on the free movement of capital remains applicable where these funds are fulfilling an economic activity. It believes that the limit of 5% is unjustified, notwithstanding the current financial crisis, and out of all proportion to the need to protect the savings of the insured persons. (M.B./trans.fl)