From videos I have seen the collet will come lose with the first turn of the wrench and then after a thread or two will stop. Use the wrench again to move it through this spot and it will pop the bit right out.

 

Exactly Vince. Bosch uses these collets on most of their routers.

Jim, if they ever come apart, the collet must be snapped into the collet nut before tightening. If they are not snapped together it will destroy the collet.