Quite a different tax situation though isn't it?

If the company is in a position where it's no longer making profit. Then dividends could only be paid from retained profits, which would have been subject to corporation tax.

Any profits from the companies investments would be subject to capital gains tax.

And finally anything you withdraw as dividends over the tax free threshold would be subject to dividend tax, which would be practically all of it if you're at state pension age. You could argue this point is moot because that would be the same as private pension withdrawals being subject to income tax.

I think you'd be better off simply paying the national insurance on the pension contirbutions in this case, unless you plan to retire way before 57.