Briefly, according to this invention, there is provided a balancing assembly for balancing a rotating member and the combination of a rotating member and balancing assembly. The balancing assembly includes an annular ring, a locking member and a cover. The annular ring has an opening for receiving the rotating member and at least one removable primary balancing weight and at least one removable secondary balancing weight. The locking member secures the annular ring with respect to the rotating member. The cover operatively contains the secondary balancing weight with respect to the annular ring and includes a connecting section for removably coupling the cover to the annular ring.