Academic qualifications will not necessarily mean that higher qualified individuals will do better - it will depend on the requirements of the job description you have and the evaluation of the post, i.e. the job that you and I currently fill, not the academic qualifications we have, as far as I understand it. It does look like people with BEng/BSc will be required in the future because that's the basic level that the "working grade" has been pitched at. However this requirement will be for the new trainees coming through the system, not those in-post during the AFC transition, won't it?
What the requirement for Higher qualifications does mean, to those currently in-post, is that those who do not have Degrees or Higher Degrees may not be able to advance to specialist or management-level in the new scheme of things and may not have the same opportunities to move between jobs since they will not meet the academic requirements. So it is possible there will be less job-mobility for those individuals lacking the necessary qualifications.
What's bothering me is that, based on current scales and cost of living pay awards, I reckon that I'll be something like £1000 a year worse off with AFC if I'm transferred across to the top of Band 5 from the top of MTO3 where I am now. As for the career development prospects of AFC I will still have nowhere on the pay-spine to advance in this case - unless I am located somewhere on the middle of band 5 that is! Either way I will need a Recruitment and Retention top-up if I'm to retain my current level of salary and I will certainly leave at the first opportunity if the prospect of a temporary R&R premium and the same old dead-end job is left hanging over me post AFC.