Barclays Plc (BARC) is working on a new pay plan that would cut bonuses for top executives and not pay out until they retire, the Sunday Times reported, without saying where it got the information.

The London-based bank is considering holding big payouts as shares until employees leave the company or retire, the newspaper reported.

To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net