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There should be a trilobe pin in the ram bushing that holds the pivot pin in place. Part#12 in this diagram:
http://www.marineengine.com/parts/m...rim-components-three-ram-power-trim-design-ii
The slot is so you can turn the pivot pin when installing it to align the holes in the bushing and pivot pin to install the trilobe pin. If the pin is broken off, use a brass drift and a big hammer and drive the pivot pin out- it's not threaded in. Breaking off the remainder of the trilobe pin by driving out the pivot pin won't hurt anything.
The design is fine- Mercury has been using it longer than you've probably been alive,
I doubt they have been using it for 58 years. I have worked on so many hydraulic systems, that it is unreal, and I have never seen a pin, that you had to drive in and shear off. Cotter pins is the norm. Regardless of that, I drove it out and sheared it off. Thanks for your help.
Been doing this for 30+ years and never had to shear one to get it out. The old style pin you just trim it full up and usa a rollpin punch a couple taps and its out. The newer style pin looks like a nail and an can be removed with a cats paw to get it started and and pry out.