Degsy67 wrote:UK Shares 42%
International Shares 33%
Wow! 56% of your equities are in the UK. That’s a very bold bet to place on the UK vs rest of the world over the next 40 years. You must have some fantastic insight into how the UK is going to outperform the rest of the world throughout your retirement years. I wish you all the best with your alpha… alternatively, you may want to take a look at this split.
Most large UK companies are multi-nationals and it is entirely possible that even a 100% UK equity portfolio could be under-exposed to the UK economy. Where a UK heavy portfolio likely falls down is not the national but the sector exposure. It's easy to get lots of exposure to pharmaceuticals, finance, oil & gas, mining etc from UK equities but hard to do so with, eg, technology. If the portfolio split you are objecting to has mostly tech companies in the international shares then it could be very well balanced.
FWIW, I do believe that it makes sense to have your investments overweight in the economy where most of your expenditure is, especially as a retiree. The worst possible outcome for someone no longer earning is to find that your costs are increasing at a time when your investments are doing poorly. Performance against some arbitrary international benchmark is irrelevant for the retired individual, what's important is being able to maintain & preferably improve your standard of living
where you live. The worst possible scenario is to find the local economy performing better than elsewhere and costs rising whilst your income falls. Retirement isn't about maximising absolute return, it's about reducing risks.