To begin with, Please read the highlighted section in this bungie Iron banner guide link: https://www.bungie.net/en/Help/Article/46376
Bungie would mean the Iron banner bounty expired with new season arrival. However, my game mate claimed he already got efrideet(hunter armor) with pinnacle power level when he started this season. He told me he already reserve iron banner bounty for next season as well.
If this happen or this will happen, it should be fixed as soon as possible; the next season is coming.
P.S. I actually doubt him to use cheat program. If Bungie already prevent this, it must be a cheat.
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People have stored bounties forever, I never have I make it a point to pop all items, and delete as much trash as I can before new seasons.