Some manufactures fit the circlip in the underside of the mount and you may need to take the floorpan off if it doesn't have a hole in it.
I've seen an experienced mechanic hammering 7 bells out of the bearing, not realising the circlip was underneath!
Change the bearing if you take it out, they're cheap as chips compared with a shunt into the tyres if it fails.
I believe the reason is a safety one, as the column can't pull right out of the housing if the circlip gives up the ghost.
I also fit two collars on the steering column, one either side of the steering boss.
That way, whatever happens down there, you still ahve steering.
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