It's not an overnight cut though WPH. There's a few changes in May 11 and then more in 2012 to bring it to the revised levels.
All valid arguments pointed out by you. The cuts are what they are. 150 GBP could be a lot worse (A 30 to 50 % slashing was the rumour I'd heard pre announcement.....)
As long as my AFPS 75 pension isn't screwed with anymore.....
