I suppose it depends on what you're getting into having gotten out of equities. In most cases you'll be swapping one risk for another. Cash, for example, is almost certain to underperform over a long time horizon, and if higher inflation becomes the norm, then what seems like enough now, can quickly erode.

Also, how do we know how much is enough, when life can throw so many curve balls? It isn't just market crashes that can derail our best laid plans.

Personally, I will always hold equities (and private equity) in order to benefit from compounded growth over time, while keeping sufficient liquidity to act as a cash buffer / dry powder to take advantage of market falls. Having said that, my equities exposure is currently pretty low for various reasons, and I'm building up fixed income exposure in the SIPP. I will increase equities again when I can.

On the global dividend ITs... JGGI looks better than the rest currently, but is that because it's partly become a growth fund and pays dividends out of capital?

A lot of "market wisdom" was based on making your investments/pensions last your lifetime. That was before they became the biggest assets we could pass on.

I'm going to be in the accumulation stage to my last day but I quite like making money for its own sake.

For those who have not discovered it, this site is useful for back-testing asset allocations and various portfolios, such as Golden Butterfly, Permanent Portfolio etc.:

https://portfoliocharts.com/

Bear in mind, however that it's entirely possible that we are in the midst of a structural shift that could mean that the next 40 years look very different to the last 40. Going back 50 years to include the 1970's may offer some assurance.

You might have to elaborate on that Keith!

Bankers has underperformed massively against a global tracker over the last 10 years (200% vs 115% approx) and that’s with gearing and dividends reinvested. What is the point ?

Agree that Bankers has been disappointing recently and, as we all know, a recent drop in performance affects cumulative performance. Bankers has a lower proportion in the US than most of the other global trusts. In my experience there have been times when the large global trusts have been ahead and behind each other, for example ATST has had a good run recently. Obviously, your entry point is a big factor but I think holding for the long term often smooths out performance. Of course, if you are not prepared for periods of underperformance against the index (currently US heavy), then your holdings must reflect this.