I think people generally understand that we have very good pensions and they will be cut, somehow, when the government is skint.
However, early 2012 we could be told that after doing, say 15 years 11 months of a 16 year commission on the old terms, you may not be entitled to a penny at the 16 year point and instead get nothing until you're 60. Like I said above, that would amount to about £1/4million in a Flt Lt's case. That would seem massively disproportionate rather than trimming some of the 'gold plate'.
Like Scuttled says, I hope they would still pay you an immediate pension but only the proportion of time served on the old pension scheme and any time spent on the new scheme preserved until 60. But, as Orca says, no-one has been able to state that this will happen in the briefings given already. I can't help thinking there are going to be some very nasty shocks for people in my position.