What happens to existing encrypted data if the “current” server key is changed?
Nothing. Existing encrypted data will still be decrypted or re-encrypted with the key referenced by the ID prefix on the encrypted data. If a new server encryption key is generated and set to be the “current” key, any new data to be encrypted will use the new server key. To avoid multi-key issues, as well as to maintain a higher level of data integrity, use the Manage Server Encryption task to re-encrypt all existing encrypted data with the “current” server encryption key.