What is a reasonable request

Undervalued

[Deleted User] said:

Some of these employers are really taking advantage of the current situation - no integrity. It does look like they want to use your skills and pay you less. If you did take redundancy, how long do you think it would take you to find another job?

Maybe.
However, regardless of that, it is generally much easier to find another job if you are currently employed rather than unemployed.

Undervalued

Alfrescodave said:

Ask for a detailed job description of the new job which might prevent any future discussions /arguments as to what you should be doing. Unfortunately the company will probably include vague wording which works in the company's favour.

I have yet to see a properly worded employment contract that doesn't require the employee to do such other work as the company may reasonably require (or words to that effect).

TBagpuss

Comms69 said:

demoted said:

My worry is that I will end up doing my old role for less money, which will make me feel like the worlds greatest mug!

If your work is worth more than they're offering, find someone willing to pay that amount. If you cant, it's probably worth what they're now offering.

This. 
Take the job, start looking for something which pays you at a rate more commensurate with your experience and skills, but recognize that we are in a very different economic and employment market than we were 6 months ago and that may affect your earning capacity.
Meanwhile, it is in your interests to be in employment, both from the perspective of your personal finances and for job hunting, and you can (if they do ask you to do the more skilled work) keep your skills up to date (and possibly negotiate a pay rise as soon as things start to recover)

If you are very confidant that you can find a new job faster than the redundancy money will run out then y all means turn down the job, and take the money, but unless you have a new job already lined up it is a huge gamble in the current situation.

I don't think that working to rule will end well. At best it will !!!!!! your employer and reduce your chances of being able to successfully negotiate a pay rise or title boost once things start to improve, not to mention making it less likely that you will get a good reference if you need one, at worst it could result in you being sacked for misconduct for failing to follow reasonable instructions given by your employer. 

Thrugelmir

Ensure that the new role is clearly defined. Nothing wrong with ad-hoc. If it is just that. Presumably in restructuring someone else will be covering your old responsibilities.