Well, I checked another forum, and apparently after the legal victory of HSMP people after previous change in criteria for extensions, they have added a DISCLAIMER to the application form (which I signed - but didn't even notice) stating that you DO NOT ASSUME that extensions will be possible under the current rules
So they are able to do whatever they want with regards to extension requirements
I am going to wait and see, before I move, what transitional arrangements are in place for those already in the system. If none (i.e. if extension would require a Masters degree, which I don't have), I am not going to bother using my visa as I don't want to be planning my move back home already in 2 years time
To be honest, I am not hopeful about any transitional arrangement being in place AT ALL.
And a little bit annoyed. Would like to receive a refund of my GBP 600 application fee
So frustrating after all these months of planning and waiting and finally getting my Tier 1 visa, for these changes to be announced NOW before I have even landed!
My other worry is that they put in place a system that prescribes that British citizens be given preference for ALL vacancies, even if the "immigrant" has legal authorization to work. At this stage we cannot rule anything out.
I just hope they announce the details soon so I can plan my life.