If they do not allow for ascension to year 2 levels, then these weapons will not be worth keeping except (maybe) in PvP (depending on how bad the perks nerf will be).
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I've heard rumors or speculations that they won't let you until close to the end of year two. Seems plausible as many will delete older weapons/armor. Raid weapons will still be reattainable unless they mess with drop rates. By then though you may only have a few months with them unless everything moves over to destiny 2. However I could see bungie making you start fresh again.