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Removing the sensor
WARNING: This page does not describe the selected car, but rather 7 other vehicles, including the 2007 Volvo V70, 2006 Volvo V70, 2005 Volvo V70, 2004 Volvo V70, and 2003 Volvo V70. However, it is still accessible from the selected car via links, so may be relevant.
Courtesy of VOLVO CARS OF NORTH AMERICA.
Separate the connector.
Remove the nut for the cable duct and bracket. Unhook the components.
Clean thoroughly around transmission output speed sensor. Remove the sensor.