Abstract: A device and method of a floating shot pin combines the actions of a floating pin with a retracting pin. The assembly includes a body having an internal inward taper; and a pin retainer shaft at least partially housed within the body and connected to a cylinder shaft. The pin retainer shaft including a shaped shoulder portion corresponding to the inward taper. In an extended state, the cylinder shaft urges the shaped shoulder portion of the pin retainer shaft to engage with the inward tapered portion of the body creating a locked position to support a workpiece on a pin while work is performed. In a retracted state, the cylinder shaft retracts leaving the locked position allowing the pin retainer shaft to float within tolerances in the connection between the pin retainer shaft and the cylinder shaft thereby relieving pressure on a pin while the workpiece is removed.