Thanks for that - I would respond more fully, but I have to be at Sleaford Tech later today. However, look at the post I just plonked in Tony's thread (re: private sector pensions revaluations). Private or Public, when it comes to final salary pensions right now, it certainly looks like a race to the bottom.
Yes, '05 will look positively golden pretty soon, and there will be a lot of division - in effect, 3 different levels of service. No wonder they will want to thin out those on the more expensive '75. As you say, its the uncertainty - as an adviser, its difficult to advise on the wisdom and sense of clarity and guarantee of a(ny) Final Salary pension and AVCs if a) the rules surrounding the guarantee keep changing and b) the members have no control over them anyway.