A pedicle screw and rod assembly is provided which has a low profile in the final assembled position. The pedicle screw includes a screw having a threaded portion and a head portion. A tulip is positioned on the head portion of the screw. A fastener assembly is coupled to the tulip and positioned to retain the tulip on the head portion. A rod retainer member is positioned inside the tulip and grips the rod, to hold it in position relative to the tulip assembly and pedicle screw. The top of rod retaining member is approximately equal in height to, or lower than the rod itself. This provides a low profile pedicle screw and rod assembly since the rod itself will normally be the uppermost member of the completed assembly.