Yup in a nutshell.
However it is up to you if you want to change over prior to that. Provided you stay 'current' on the old system any examiner can then transfer you over to the new. Starting at the date of signing.
Could be a little awkward if you leave it right to the last minute so anytime next year would be good PRIOR to end of June 09. Unless you are happy to swap tomorrow then now it can be done too.
Remember that the examiner has an obligation to convert you over to the new system from now on - so if you do lapse and need a reval flight - he will have to put you on the new system - therefore, don't lapse currency!