My Pendlay bar does not have the snap ring. It is probably 3 years old and was the nicer mens bar when I bought it. It is a pressed in metal cap. I actually had to remove one side because the cap got dented and was preventing the sleeve from turning.
Hope that helps.
What we think, or what we know, or what we believe, is in the end, of little consequence. The only thing of consequence is what we do. -John Ruskin