Compression Ring Height Adjustment on Carbon Fork

Would someone know how to adjust the height of the compression ring on a carbon fork? I have a Giant
TCR with a full carbon steerer and need to lower the compression ring since I need to cut a piece of
the steerer off as a result of having lowered my stem. It almost looks like I should be able to tap
down the cone through the ring that grabs on to the steerer tube and then pull both pieces out and
reassemble them at the desired height. Would this be the proper procedure? Any help you can offer is
greatly appreciated.

Thanks, -rod