What does “|&” mean in Bash?

From man 1 bash, section Pipelines:

[time [-p]] [ ! ] command [ [|⎪|&] command2 … ]

If |& is used, command‘s standard error, in addition to its standard output, is connected to command2‘s standard input through the pipe

So it is just like the pipe operator |, but piping both standard output and standard error.