In his long-awaited final report, released today (23 March) more than a year after the review was announced, Mr Cridland recommended raising the state pension age to 68 between 2037 and 2039.
After that, he recommended allowing it to increase in line with longevity expectations, but by no more than one year every decade.
That would mean the state pension age could reach 70 by as early as 2057 - affecting anyone born after 1987.
The Cridland report coincided with an independent Government Actuary’s Department report, which modeled the effect on the state pension age against two scenarios.
The first scenario assumed individuals would spend 33.3 per cent of their adult life (from age 20) in receipt of the state pension. In that case, state pension age would reach 69 by 2056.
The second scenario assumed individuals would spend 32 per cent of their adult life in receipt of the state pension. In that case, state pension age would reach 70 by 2056.
Currently, the state pension age is 65 for men and slightly less for women, raising to 66 for both by 2020.
Under the Department for Work & Pensions' current plans, it is due to reach 68 for both men and women by 2046.
The aim is to smooth the transition for tomorrow’s pensioners, and to try and make the future both fair and sustainable.John CridlandThe report stated that the change would result in 6.7 per cent of GDP being spent on the state pension in 2066 to 2067, 0.3 per cent less than current forecasts.
“My review considers the consequences of an ageing society," Mr Cridland, who was director general of the Confederation of British Industry until 2015, said.
"It addresses how we can afford to live a longer pensionable life, how we can work longer where this is necessary and possible, and where it is not, how to give assistance to those who need it.
"The aim is to smooth the transition for tomorrow’s pensioners, and to try and make the future both fair and sustainable."
In addition to his recommendations on the state pension age, Mr Cridland also recommended scrapping the triple lock on annual increases to the state pension, replacing it with a link to earnings.
He also rejected proposals to allow early access to the state pension in some cases, saying a single state pension age was "simple and clear and provides a trigger for pension planning".
The report put forward a number measures to mitigate the potentially harmful effects of the proposed changes.
These included a "mid-life MOT" to help people plan their later lives, "addressing their lifestyle, their skills, paid and unpaid work, and their retirement income".
They also included additional means-tested support, more flexibility to allow part-time work alongside receipt of Universal Credit, and a "new drive to enable older workers to become apprentice mentors and trainers".
Finally, they included more provisions for people to defer their state pension payments and statutory care leave for those with caring responsibilities.
The government was urged to communicate any changes to state pension age directly to those affected.
Damian Green, secretary of state for work and pensions, said: "I am grateful for the work carried out by John Cridland and thank him for his valuable and thoughtful contribution. I also welcome the equally important work conducted by the Government Actuary’s Department.
"Reviewing the state pension age during each parliament is part of our commitment to creating a fairer society, helping to ensure that it is sustainable for future generations.
"As government goes about making its decision on the future state pension age in May of this year these contributions and recommendations will provide important insight," the minister said.
The DWP stated it would give both reports equal consideration when coming to a decision on changes to the state pension age. If any changes are made, they will only take effect after 2028.
Maike Currie, investment director for personal investing at Fidelity International, said: "Sensibly, Cridland has been keen to avoid a repeat of the Waspi (Women Against State Pension Inequality) protest by recommending that future rises should take place only once a decade and be notified 10 years in advance.
"Ultimately, the report’s approach to state pension age rises set out a clear pathway as to when future generations should expect to retire.
"If you are around the age of 25, you can expect to retire at 70, if you’re 35 then it will likely be 69 and if you’re 45 then it’s going to be 68. This effectively gives the nation a clear expectation of where the state pension age is going for decades to come."
james.fernyhough@ft.com
