I was just reading up on Smeaton's Tower, as I was trying to recall the reason why it was painted red and white stripes from all-white ... it was for Drake 400 (to commemorate his circumnavigation of the world). But there's a bit more to it than that.
It's original colour-scheme, when it was on the Eddystone, was red and white, and it retained that colouring when it was moved to the Hoe in the 1880s. Then in 1937, for King George's coronation, it was repainted green and stone (stone body, with the top and base painted green) which remained until the early 60s, when it was painted all-white. And then back to the current scheme in 1980.