In my experience the spindle shaft is free to move in and out without a circlip. The spindle inserts up through the bottom on the cutter housing with male threads facing upward.
The pulley can then be attached onto the spindle shaft on the top side of the cutter housing which will ultimately hold the shaft correctly into place
Once the pulley is attached (with a grooved slot on the shaft and pulley held in place with a "flywheel key") a washer and nut go on last to finalize pulley placement.
One the shaft is put through the housing and pulley attached it is correctly in place
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