I honestly believe that there will be some type of system in place to keep our levels where they are at so we can then continue to 40 with our current set up.
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Just saw this http://www.polygon.com/2015/8/5/9099851/destiny-the-taken-king-level-boost Looks like they might drop down to 20 or lower and we can choose to skip back up to our new level. Doesn't really say how it works just that a boost comes with it to get us up ttk starting level.