If the company want the pensions sorted and happy staff to boot they will offer all staff the choice to accept this 18.75% pensionable pay rise, if they don't, we will be watching a long bitter show???
Perhaps you are missing the point of this 18.75% increase.... I dont actually get a payrise at all, i get a pay cut. Instead I have to pay 33% more in pension contributions for 30 more years (both because of the 18.75% increase, and due to the increased contribution rates), and in the end I'll have the same pension as I would have had before this 'deal'. All in all I pay double the contributions to keep the pension as it is now.
You however (altough I dont know your personal circumstances) have a decreased accrual rate which will mean your percentage of final salary will be lower. It will decrease by an amount in the order of around 5%. You can however save more in AVC's now if you desire the same pension as before.
So the choice we have is a 5% cut in your pension, or a doubling of the pension contributiuons. Which one would you like?
