A tool with a replaceable tip includes a tool body including a tip holding portion, a tool tip having a shank portion adapted to be disposed proximate the tip holding portion comprising a wall defining an axial opening, the wall having at least one radial opening, at least one locking element being disposed in the radial opening, and, as a clamping ring is turned about the longitudinal axis of the tool body, a locking element contacting surface of the clamping ring contacts the locking element and urges it through the radial opening and into the recess in the tool tip. A method of retaining a tool tip is also disclosed.