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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 14A
                                 (Rule 14A-101)

                            SCHEDULE 14A INFORMATION

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

Filed by the Registrant  [ ]

Filed by a Party other than the Registrant  [X]

Check the appropriate box:

[ ] Preliminary Proxy Statement
[ ] Definitive Proxy Statement                [ ] Confidential, for Use of the
[X] Definitive Additional Materials               Commission Only (as permitted)
[ ] Soliciting Material Pursuant to               by Rule 14a-6(e)(2)
    Rule 14a-12


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



                         LENS INVESTMENT MANAGEMENT, LLC
- --------------------------------------------------------------------------------
    (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of filing fee (Check the appropriate box):

[X] No Fee Required.

[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

    (1) Title of each class of securities to which transaction applies:
        Not applicable
        ------------------------------------------------------------------------
    (2) Aggregate number of securities to which transaction applies:  Not
        applicable.
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    (3) Per unit price or other underlying value of transaction computed
        pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
        filing fee is calculated and state how it was determined): Not
        applicable.
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    (4) Proposed maximum aggregate value of transaction:  Not applicable.
        ------------------------------------------------------------------------
    (5) Total Fee Paid:  Not applicable.
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[ ] Fee paid previously with preliminary materials:

[ ] Check box if any part of the fee is offset as provided by Exchange Act
    Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
    paid previously. Identify the previous filing by registration statement
    number, or the Form or Schedule and the date of its filing.

    (1) Amount Previously Paid:  Not applicable.
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    (2) Form, Schedule or Registration Statement No.:  Not applicable.
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    (3) Filing Party:  Not applicable.
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    (4) Date Filed:  Not applicable.
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NY2:\911472\01\58531.0014

CONTACT                                                   FOR IMMEDIATE RELEASE
Timothy Holland
Alan towers associates
212-354-6942
timothyholland@towerspr.com


           PROXY MONITOR ENDORSES LENS'S CANDIDATES FOR PIONEER BOARD
           ----------------------------------------------------------


PORTLAND, ME, May 12, 2000 - Proxy Monitor, one of America's leading consultants

to institutional investors on the voting of proxies, has endorsed the five

candidates Lens Investment Management, LLC, proposed for election to the Board

of Directors of The Pioneer Group, Inc. (NASDAQ: PIOG). Earlier this week,

Institutional Shareholder Services, another leading consultant on the voting of

proxies, also endorsed the Lens slate. In its Pioneer proxy statement, Lens has

stated that, if elected, the candidates will push immediately for the successful

sale of the company. Pioneer's 2000 Annual Meeting is scheduled for May 16 at

9:30 AM at the offices of Hale and Dorr, LLP in Boston, Massachusetts.


Lens's candidates for Pioneer's Board of Directors are:

o          John P. M. Higgins
o          Robert B. Holmes
o          Robert A. G. Monks
o          Richard A. Bennett
o          George W. Siguler


The Lens proxy statement can be found at the SEC's website, www.sec.gov.


Lens Investment Management, LLC, is an activist investment management firm that

invests in companies it believes are underperforming despite strong underlying

values and susceptible to increased value through shareholder activism. Its

founder and Chairman Robert A. G. Monks is an internationally recognized

authority on corporate governance and a pioneering activist investor. Lens and

its affiliates, which manage in excess of $400 million of capital, own

approximately 4.34% of Pioneer's outstanding common stock.


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