Poor man's solution:
If you put an old pair of junk needle nose pliers in your vise, spread so the jaws fit into the holes of the retainer ring, place the ratchet face down, so the retainer ring is caught in the jaws of the pliers. Then, just turn the wrench counterclockwise, as if loosening a fastener...you will!
I did this to open an early Cornwell JR-30. Easy!
Don't use your best pliers.
Keith