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                                SCHEDULE 14A
                               (Rule 14a-101)
                          SCHEDULE 14A INFORMATION

   Proxy Statement Pursuant to Section 14(a) of the Securities Exchange
                                Act of 1934

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      section 240.14a-12


                          THE PIONEER GROUP, INC.
- ----------------------------------------------------------------------------
              (Name of Registrant as Specified in Its Charter)

                                    n/a
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  (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)



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         PIONEER URGES HOLDERS TO IGNORE ISS RECOMMENDATIONS

Boston, MA, May 11, 2000 . . . The Pioneer Group, Inc. (NASDAQ: PIOG)
announced today that it was urging stockholders to ignore the voting
recommendations of Institutional Shareholder Services, Inc. (ISS). ISS
today issued a so-called "analysis" favoring the Lens candidates in the
proxy contest for control of Pioneer at the Company's Annual Meeting
scheduled for Tuesday, May 16.

John F. Cogan, Jr., Pioneer's President, stated: "We believe that ISS has
completely missed the point in its voting analysis. Although ISS states
that "this contest boils down to oversight of the auction process," not a
single line of ISS's report is dedicated to which side will provide greater
value to Pioneer stockholders in a sale of the Company. Instead, ISS has
placed its greatest emphasis on anger at Pioneer's management for entering
into customary retention agreements during the sale process. We believe
ISS's recommendation is fatally flawed, contrary to the best interests of
Pioneer stockholders and that blindly following ISS's recommendations would
be inconsistent with ERISA. Although only a small percentage of Pioneer's
institutional stockholders routinely follow ISS's guidelines, we urge them,
in this case, to ignore ISS and to vote for the Board's nominees on the
WHITE proxy card." The Company noted that Robert A.G. Monks, one of Lens's
dissident candidates, is a former president of ISS.

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Contacts:

For Media:                For Investors:

Anne Patenaude            Greta Gahl
617-422-4727              617-422-4978