Yes but that is not the point Bungie has made a big thing about transfering over light level to rank level and they might as well just not done it. Nothing has changed in that respect in fact it has made the whole level thing completely pointless, even more so than in year one. at least in year one you have a feeling of some (all be it short lived) progression during the story missions, unlocking armor by level from the vendors and engrams (uncommon and rares did mean something the first time you played year 1) but they might as well not bothered at all with year 2.