Absolutely! In my approximately 10 years as an elder, I conducted or helped conduct the Annual Pioneer meeting probably 7 out of 10 times. The outline was very similar in format (obviously different subject matter) to what the CO reviews with the elders & ms during his visit.
One congregation we had only a couple of pioneers and we (the 2 elders conducting) would take them out after the meeting. We usually scheduled the meeting so that it was on a Sat evening and then go straight to dinner. Sometimes, other elders would come with us, sometimes the wives (if there were sister pioneers). Other times, it was just lunch. Sometimes the rest of the BOE would kick in some funds but if not we would do it on our own.
I know of one congregation that got in trouble because one of the elders hosted a big dinner in honor of his congregation's pioneers. He was counseled by the CO for drawing too much attention to these individuals. He probably did go overboard but I think it was sincere.
I always argued that since the meeting was supposed to encourage the pioneers to continue on, that there was nothing wrong with buying them a meal and giving them a little attention. I thought it was common (at least in the US) so I'm surprised more folks didn't experience it.
It seems to me that the amount of socialization among JWs is much less than when I was a kid. I notice very few congregation picinics and the like.