A driveline assembly may include a driveline component housing, a pinion shaft located within the housing, a first bearing assembly, a second bearing assembly, a spacer assembly, and a load adjustment member. The spacer assembly may be located axially between the first and second bearing assemblies and may include first and second members. The first member may be axially fixed on the pinion shaft and may include an axial end defining a first generally conical surface. The second member may include a first axial end engaged with the second bearing assembly and a second axial end defining a second generally conical surface abutting the first generally conical surface. The load adjustment member may be axially displaceable relative to the pinion shaft to advance the second member axially along the first generally conical surface of the first member and adjust a preload on the second bearing assembly.