In my jacket draw set that makes the cups from copper sheet, the pinch trim system is like this:
There is universal die body with a adjustable inner part that could be adjusted freely to proper dept and locked in place with a locking screw (in the side). The part is hollow so that the ejector punch could go thru and eject the cup after trimming. In the set the reducing dies have two purpose: first they reduce the jacket down and second: the other end acts as a trimming die for the pinch trimming punch. Last part is the inner punch for the die.
In this set I have pinch trimming made for 3 calibers.
This is one example for fully adjustable set. I will post later on a pic of a pinch trim punch that is not adjustable.
S