New Zealand Law
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You can choose not to accept the job, and they would then need to make a case for your role to be redundant on the basis that they cannot afford to keep you on. That is not always easy if this is just a restructuring. There has to be a genuine economic reason for redundancy, greater than just restructuring. So if you just refuse their contract, they would need to show they cannot afford to keep you on. Of course if they can prove this, then they can do so. But otherwise you can refuse to change and they cannot reduce your income or job scope without your consent. This would lead to a standoff possibly. But the reduced wage is a vote of no confidence, and if you can find a better job, you may be best moving on
You could refuse to have the salary reduction after 12 months, but perhaps agree to negotiate again after 12 months and see if they will accept that
Yes, that will need to be added too.