So you removed the two bolts that hold it on? I use a large screwdriver and push the pads in to colapse the piston, but loosen the cap on the master first. Pads could be hanging on the outer edge of the rotor, Foriens tend to wear a nice groove out there.
Diagrams not available for V50 yet, but these are from V40, If it looks like this, follow these instructions.
Removal 1. Remove hub cap and wheel. Remove bolt from lower locating pin for brake caliper. 2. Twist brake caliper upwards. Remove brake pads. See Fig. 16 . 3. Remove wear indicator. Fig. 16: Removing Front Brake Pads Courtesy of VOLVO CARS OF NORTH AMERICA. Inspection 1. Clean brake pad contact surfaces in brake caliper and on caliper mounting. Check dirt guard for piston. Replace dirt guard if it is worn. 2. Recondition brake caliper if dirt guard is broken. See FRONT BRAKE CALIPER under OVERHAUL. 3. Check brake disc surface. Check lateral runout of brake disc if disc is uneven. Brake disc must be replaced if it is very worn or grooved. 4. Check rubber bushings on locating pins. Replace if necessary. If necessary lubricate pins with silicone grease and install them in rubber bushings. Pins must slide easily into bushings. Installation 1. Press piston into brake caliper. Check that no brake fluid comes out of brake fluid reservoir. Check that dirt guard is correctly positioned. 2. Press down wear indicators on brake pads. 3. Install brake pads and twist brake caliper down. Check that bolts for brake pads fit in brake caliper. 4. Secure brake caliper and tighten to specification. See TORQUE SPECIFICATIONS . 5. Check brake fluid lever and install wheels. NOTE: If installing new brake pads, check minimum disc thickness. See DISC BRAKE SPECIFICATIONS .