First, you should make sure to pay yourselves salaries which use up the maximum 20% tax bands.
Next, the company can repay the loan and there will be no taxation implications for you or for the company.
After that you should pay yourself more salary or pay into a pension scheme as you choose.
As proprietary directors, there isn't an annual limit on what you can contribute to a pension, so it's not like an employee who may be limited to 20% of their earnings each year. If they don't make a contribution this year, they lose it.
Brendan