I got this router from a family member for free but the bit is stuck. It's waaaay over tightened. Trying to get it out just damages the shaft (which I already managed to do). What is the best approach to loosen this and get the bit out?

Thanks!

EDIT: Following several suggestions, I tried using the pin with a bigger wrench. I tried before but only with the supplied wrench. Here is the result. It is waaay over tightened or there is some other reason why I can't loosen it. That's is way I asked for help here.

EDIT 2: thanks for all the suggestions. I will try the different approaches and report back.

[![enter image description here](https://i.stack.imgur.com/Hqo4d.jpg)](https://i.stack.imgur.com/Hqo4d.jpg)

[![enter image description here](https://i.stack.imgur.com/2f4lj.jpg)](https://i.stack.imgur.com/2f4lj.jpg)