Wanting to change my contract

[KangarooKenny]

I’ve been asked how I’d feel about working term time rather than all year round, which would mean a drop in pay and pension, and going on holiday will cost more. This is a cost cutting exercise.
‘What are my rights ?

How long have you been there? Are you the only person they've made this suggestion to and if so have they explained why? Have they said what will happen if you say no? On the holidays point, have they said no annual leave will be allowed in termtime?

Essentially you would usually have the right to say no as significant contractual changes usually have to be mutually agreed but if the business can show there really is a pressing business reason to need to cut costs, they've run (or will run) a fair consultation process and this is a proportionate and reasonable suggestion (i.e. they haven't unfairly singled you out, particularly for a discriminatory reason such as you are the only woman/black person/disabled person in the business) then the alternative might be you are made redundant or even 'fired and rehired' on the new terms, and if you've been employed there less than 2 years you'd have little to no comeback and be entitled to no redundancy compensation...

I’ve been there about 5 years. They’ve asked a few of us. No, holiday wouldn’t be allowed in term time on a term time contract.
The company has overspent, it’s cost cutting.
I just don’t see how they can effectively ask me to take a wage cut.

Well they can’t make changes your t&cs without your consent - but if say there are 5 people doing your job full time and they cannot afford to sustain that then potentially they could look at making some of the roles redundant (providing of course that the follow the correct procedures) so that is something to bear in mind.

So I take a wage/pension cut or lose my job. I have bills to pay, I never expected to be in this position.
Yet the management who let us overspend will keep their year round jobs.

Asking people to change their contracts voluntarily as a means of cutting costs is fine, as long as it is voluntary. You don't have to agree, but you are right, if they're doing it to save money, then there may be compulsory changes to follow if they don't get enough volunteers. Is there a union in your sector? If there is, I would strongly suggest joining it now.