I would take in consideration several things :
- are you really overpaid comparing to others?
Even if you're overpaid, the money you get is a result of a contract and raises(if you got raises).
If your boss talks only that they pay too much but without talking about performance, it means that the company or the client has changed the budget and he's a little tight.
If the topic "performance" comes up, they can't change your salary willingly, they must have good reasons to state that, mostly happens that they tell "Performance is not in line with your pay" and fire to free money from the budget.
If a plan of improvement comes up, take it and work hard or try to understand the best performing colleagues what they do and learn from them.
I would also try to understand if "performance" is reasonable or the company just decided to earn 20% by the end of fiscal year but this doesn't seem the reason.
A good boss works to make the unproductive employees productive.
Don't lose your hope, you got here with interviews, contract and pay raises in a year or more, you matter.
It happens a lot of times when the old boss changes department, that the new boss doesn't trust you or has other ideas : if your boss didn't tell you nothing or didn't fire you when he was your current boss, I'm sure that you're good worker.