I have no knowledge about the Volvo. The MG of the same era used a spigot bushing that was simply a press fit. I've been able to pull them with rented bearing puller and with a slide hammer. Both had little teeth that slid in and hooked to the back. I've also threaded a bolt into the bearing and used a puller. Here are some alternatives.
http://mgaguru.com/mgtech/engine/cs105.htm