The 34-year-old enjoyed a near 15-year career on the ice in skeleton and bobsleigh, making his Olympic debut in the former in Turin in 2006 and battling his way to eighth.
Four years later and Pengilly was once again on the British Olympic team - this time travelling to Vancouver 12 months on from claiming world silver in Lake Placid.
Injury put paid to his hopes of climbing the podium in Canada, he ended 18th, however it was still a Games to remember as Pengilly was elected onto the IOC Athletes' Commission.
Pengilly, who went to the Salt Lake City Olympics in 2002 as a coach to the British women's bobsleigh team, chose to continue on the ice but after two years has decided to retire.
He married his fiancée Ruth in the summer of 2010 and finished 31st overall in the 2010-11 World Cup season after competing in just two races in Whistler and Canada.
Pengilly was a much more prominent feature this past season ending 13th in the World Cup rankings with a best finish of seventh in Koenigssee.
His role on the IOC Athletes' Commission will take on great significance as the London 2012 Olympics approach and, with this and his wife in mind, Pengilly is content at walking away.
"It's a fantastic sport and I still love tearing down a mountain at 90mph. It's been a privilege representing Britain for nearly 15 years in Bob and Skeleton," said Pengilly.
"And, while there have been many highlights and enjoyable times, I am beginning to struggle travelling the whole winter and wish to spend more time with my wife, as well as making the most of my term on the IOC.
"Next on the agenda is London 2012, where I am looking forward to a fantastic spectacle that will make the nation proud.
"I will be hosting my IOC colleagues and so representing Britain in a very different way. There is ongoing and exciting work at the IOC with my fellow athletes, not to mention at WADA.
"I am also keen to get more involved on the BOA Board, while developing a career alongside my sporting responsibilities.
"I would like to thank all those who have supported me over the years, particularly my family and friends, and also those at British Skeleton who work hard to help us athletes achieve our goals.
"I must finally mention UK Sport and TASS, who have given great support to our sport."