How to bring iPad's 5 finger pinch functionality to iPhone
It's not possible to configure this five finger pinch gesture on an iPhone without jailbreaking it. Currently there are no jailbreaks for iOS 7 (see jailbrea.kr for available jailbreaks).

If the iPhone is a device with a version of iOS that can be jailbroken, then this can be achieved after a jailbreak using SBSettings and Activator (both installed through the Cydia app store). You can even assign custom gestures, like for example, a three finger pinch or a four finger pinch, for this action.