I have MPEGS which need certain parts cut out of them.

Once on the timeline and edited what I don't want to do is be forced to re-encode it when attempting to save the edited file which will further degrade visual quality.

Is there a way to achieve this with Premiere?

Thanks

I don't believe it's a problem. My understanding is that Premiere Pro editing is referenced to the original file. There is therefore no re-encoding, and the edits are generally non-destructive (that is, reversible) without changing video quality, because the original file is never changed.

Premiere will re-encode as it does not do smart render.
If you want smart render then you will need the Mainconcept HD plugin.
Or use an intermediaire codec.

I was under the impression that you can't frame-accurately edit MPEG and not reencode it due to the nature of its compression. The only way to do it that I found was if I was creating a DVD, I could use Encore to "edit" the files but then your only output would be VOB files. You can then use MPEG Streamclip or Vobrator to recover the stream, but it is a painful process.

Premiere will always re-encode.