Teachers know what they sign up for and the likely career and pay ahead of them, but goalposts do change too.
Most of us in the private sector have jobs that are subject to the whims of company earnings, competition, takeover, etc. We are very used to having our goal posts moved year in, year out and if we were offered the same sort of stability as your average teacher would bite your hands off. Public finances change too, and what was promised to you at one point may no longer be possible.
I can't say I have too much sympathy on the pension front. Everyone knows the dire state of public pensions is a big contributor to the bankrupting of this country. Public pensions are a government operated ponzi scheme that is fleecing every honest taxpayer. Scrap them and force people who want a pension income to buy a private pension. Then you would see what your contributions are actually worth on the open market.
On the work/conditions front, some sort of a deal will be reached, but remember that no private company can continue to consistently overspend and lose money like the public sector can. We have to shape up and cut our cloth according to our incomes, or else we wouldn't survive.