One other thing to check -- is the water pipe really an electrode or are you just bonding it? If the pipe is metal in the earth for 10' or more, then you must make it part of the ground electrode system.
If not, then you are bonding it and bonding wires are permitted to be spliced. A #4 won't be large enough, so the wire is probably going to have to be redone anyway. But a 1/0 from the old panel would be OK if the equipment ground feeding that panel is also 1/0 or larger.
You could also consider becoming a plumber and changing the pipe outside to PVC or polyethylene.