Congratulations on getting to the position where you own your home outright at 40 - that's some achievement.
I think you are absolutely right to maximise your pension contributions from here but what you invest in through that vehicle will, to a large extent, determine what strategy you should have for your after-tax income. For example, if you were to invest your pension contributions 100% in equity funds then you might well take the view that you should be more conservative with your after-tax investments.
What is the interest rate on the investment property mortgage? Given how low rates are on deposits and bonds at the moment, it might be worth directing any free cash towards paying that mortgage ahead of schedule, even if you are on a tracker.
In any case, you should definitely maintain a decent cash reserve to address any unexpected expenses that might arise - particularly with the rental property. Maybe as much as 6 months' net income (including net rental income) should be simply held on deposit.
Are you comfortable that you are appropriately insured, in terms of life cover, income protection, etc.? Good financial planning is as much about protecting yourself from unexpected life events as trying to maximise the return on your savings for a given level of risk.
Hope that helps.