Hi,
New pads on old discs.......braking effect will be much reduced because the new (flat) pads will only contact the high points on the evenly worn old discs. Until pads "bed in".
The new pads will take much much longer to "bed in " to the old discs.
If on a vehicle with a heavy braking driver the limited contact points will cause localized over heating of the pads , leading to poor braking and even longer bed in time.
If any side of old discs significantly corroded- fit new discs
If the discs are cheap - fit new discs
If you are not going to be the driver-fit new discs - think of everyone's safety.
The above is my opinion and others will disagree.
Best wishes
Jack