Redundancy Alternate job offer

A question about : Redundancy Alternate job offer

I am being made redundant in September. I currently manage a division of a larger company and my part has two arms, one part is being closed but the other one will continue to trade as normal.

I have been offered a role with the remaining part of the company (even though officially I still run it). The new role is Ј23K less than my current package and I would lose my other benefits, company car, pension contributions, private health etc.

A colleague (also being made redundant) told me that they have to honour my current pay for 2 years - is that correct?

Best answers:

• If they are saying that is this job or nothing (ie no redundancy package), then this job has to be equivalent: ie: same pay, conditions, everything.
  If however, they are saying that there is the option of this job, but redundancy is still available as an alternative, then yes, they are quite within their rights to offer this at a lower package.