In this work we consider the Landau-de Gennes model for liquid crystals with an external electromagnetic field to model the occurrence of the saturn ring effect under the assumption of rotational equivariance. After a rescaling of the energy, a variational limit is derived. Our analysis relies on precise estimates around the singularities and the study of a radial auxiliary problem in regions, where a continuous director field exists. Studying the limit problem, we explain the transition between the dipole and saturn ring configuration and the occurence of a hysteresis phenomenon, giving a rigorous explanation of what was conjectured previously by [H. Stark, Eur. Phys. J. B 10, 311–321 (1999)].