A group annuity is an annuity with multiple annuitants. They are often created for employees who work at the same company and can be used to create a fixed income for retirement.
Many life insurance companies offer group annuities as a part of their life insurance policies.
Group annuities are funded by premiums paid by the group of annuitants. The premium amounts are determined by the size of the annuity and the agreement the group has made with the life insurance company.
Typically, annuitants don't begin receiving payments from the annuity until they retire.
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