Each character will be set to the max level that character has been,
if you have a 34, even if he is currently wearing 30 light, he will be 34 because the system remembers the peak level (All this is confirmed)
English
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Interesting, so for example my hunter who currently is 31 but can be and has been 34, will be a 34 when TTK starts? And if i then change the armour she is wearing, she will still be a 34?
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From that Urk has stated yes "Don't worry about equipping your best armour for The Taken King, we know what the max level attained for that character was and you will begin The Taken King at that level"