BA has notified me that one of the flights I booked for the winter period has been cancelled and I've been rebooked on alternative flights.

Presumably I can cancel without penalty if these flights prove unsuitable and would get a full refund of everything and no admin fees. Am I correct?

How long do you have to make up your mind? The flight isn't until February and it'd be nice to have a couple of months to decide what to do.

So will I be able to cancel in a few months time if needed or would I be better cancelling now and just making another booking if I do decide to make the trip? That of course risks a higher fare.