A PIP is supposedly a programme to help underperformers improve. However in reality, it is generally used as a step for the company to generate solid proof that you CMI in your role before firing you, so that you won't have a case against them for unfair dismissal.

Given the above, you can consider yourself fired instead of retrenched. There are usually benefits and compensation that come with retrenchment but not a sacking.

Best to start your job hunt now while collecting 3 more months of pay. Good luck.