PCB's traditionally don't have lugs but holes with solder pads. Connect the replacement pickup same was as you see here and you're good. The inner wire of the P90 is hot, the outside braid is ground.
There are better ways of grounding braided wire. One way is to take a short piece of thinner wire, 22AWG is fine, and strip it on both ends, one end about 1/4 to 1/2 inch. Tin both ends with a small amount of solder. Now, wrap one end of it around the braided pickup wire near the end and solder it in place. Then solder the other end of the 22AWG wire to the ground point on the switch. Much neater, less solder and heat involved, and a heck of a lot easier to work with.