There is no set screw in the knurled ring, believe me I've looked. The only thing I've noticed about the ring is the blind slot you can see in picture 5. The pin in the fourth picture is a screw that goes through the slot in the barrel you mentioned, and I believe ends up in the blind slot. The entire iris assembly is loose after the retaining ring is removed and can moved slightly because there is a little play between the set screw and the barrel slot. The set screw appears to be inserted from the outside, under the knurled ring, since there is no slot in the interior end of the screw.