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chrisrawr wrote: I bet You Make Da Call would know! You should go ask them
^
But I believe RAW states that it won't... to an extent. I haven't played that way with my PBS at least. But it only says from "Morale and Pinning" tests do they ignore negative modifiers. So it would work with something like Psychic Shriek or Mind War but it definitely would not work to break or pin a squad.
4500 Points
3500 (1500 painting, using Lizardmen models) http://imgur.com/a/Y28Fw#0 3000 Points of Heralds of Arcadia (Space Marines)
4500 Points
3500 (1500 painting, using Lizardmen models) 
3000 Points of Heralds of Arcadia (Space Marines)