An older woman walks past Scotiabank Centre, downtown Kingston, corporate headquarters of the Bank of Nova Scotia Jamaica, in this file photo. - File

The Bank of Nova Scotia will no longer process pension payments for Jamaicans coming from the United Kingdom, effective October 1.

The bank announced Friday that the cancellation of the service was due to developments in the U.K.

"Under the current arrangement that comes to an end this September, the Bank of Scotland had a contract with Scotiabank to distribute the pension payments," said a bank statement.

Another bank

"However, as of October 1, another bank will handle the processing, as the Bank of Scotland was unsuccessful in a recent bidding process."

Scotiabank has processed U.K. pension payments for Jamaicans for a decade, distributing cheques to more than 4,500 persons per week.

"These pensioners had an option to receive their pension in either sterling or Jamaican dollars," said Scotiabank executive vice-president and chief financial officer, Stacie Ann Wright.

"The arrangements have changed and we will no longer be involved in this process come the end of this month," she said.