Staff were informed of the decision yesterday (Wednesday). Garry Lace, the agency's chief executive, had asked staff earning more than £50,000 to take the voluntary pay cut earlier in the week.
There was an overwhelming "no" vote from the 64 staff that were balloted.
Sources say staff were upset by the move, which they interpreted as an intention by senior management to shift responsibility for the redundancies on to middle-ranking executives. Staff had been assured at the start of the year that there would be no further redundancies.
A Lowe spokeswoman confirmed that the agency had started a 30-day consultation period with staff.
Meanwhile, Drew Thomson, the former managing director of Air Miles, is working at the agency. The spokeswoman was unable to confirm his role.