Yep switch off the electricity make a note of where the flex attaches in the rose. Unscrew the rose, unscrew the pendent flex and chop it, then connect up the shortened wire.
It is easier doing this way as it can be a bit fiddly wiring in the bulb holder with the flex dangling down. By removing the flex from the ceiling first you can do the tripping when you're not up on the ladders.
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