Tilt steering wheel?

Im still discovering my new (well, new to me) 89 525i.

Theres a handle on the underside of the steering column that loosens & tightens & I suspect its for adjusting the wheel......except, when I loosen it , or pull it towards me, the column doesnt move anywhere! even with a little force.

What am I doing wrong?

Thanx.

It slids fore and aft only [ straight towards your face or down towards your feet ].