Maroonman4 - whatever happens will be determined by the eventual make-up of UK SAR; if there is less military involvement (very likely at the moment) then the pilots will have to come from somewhere.
However, those of us in the military job at the moment should not delude ourselves that CHC or whoever will come knocking at our doors offering rock-star wages just because we are self-proclaimed SAR gods. The fact is that cockpits can be filled with less experienced and cheaper pilots as long as the job description allows it. Who will write the job description? The CAA, the MCA, the contractor or the Home Office? Who actually knows enough about the role and required skill-set for a SAR pilot?
If there is a shortage of SAR pilots, then either the military will give them up (not willingly I'll wager, we have enough retention problems at the moment) or those who are not SAR experienced will magically become so thanks to waivers/experience in other relevant fields etc.
RAF SAR requires completion of SARTU (at some stage) the SK OCU and then 18 months as a co pilot before becoming a SAR captain - doubtless many will claim this is a gold-plated, over the top requirement but it has worked pretty well for many years.
Is it possible to produce a SAR captain in less time and with less training? Probably, but will the product be as good? Air Ambulance and Police pilots don't get role training, just type training and everything else is completed 'on-the-job' - that is the harsh commercial reality when pennies are being counted and I won't be surprised to see the same attitude prevailing if and when SAR is completely privatised.
I'm guessing you are ex-AAC from your location so you have as much chance as any - apply (if you have your licence) and see what they will give you.