IOOF  | Annual Report 2012 22 Other financial liabilities (i) A liability has been recognised in respect of an obligation by the Group to buy back vested shares in some Perennial Group subsidiaries under certain circumstances.  The above liabilities are recorded at fair value. Further information about the Group’s exposure to risks arising from other financial liabilities is provided in Note 4 Risk management. Directors appointed prior to 13 April 2003 are entitled to participate in a retirement benefits program which provides a cash based  benefit to Non-Executive Directors at the time of their retirement from the Board. The provision for onerous contracts represents the value of future lease payments net of anticipated recoveries from third parties,  that the Group is presently obligated to make under non-cancellable operating lease contracts. The estimate may vary as a result of  changes in the utilisation of the leased premises and sub-lease arrangements where applicable. The unexpired term of these leases is  less than 3 months. Other provisions have been made for the present value of the Directors’ best estimates of legal settlements. The information usually  required by AASB 137  Provisions, Contingent Liabilities and Contingent Assets , is not disclosed on the grounds that it can be expected to  prejudice the outcome of the litigation.  Other provisions Onerous contracts Directors’ retirement provision Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Contingent consideration 1,525  - - - Share buy-back liability  (i) 27, 8 4 6 43,112 - - 29,371  43,112 - - Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Employee entitlements 38,351  37, 328 - - Directors’ retirement 282  659  - - Onerous contracts 259  730  - - Other provisions 1,313  1,662  - - 40,205  40,379  - - 23 Provisions  Consolidated   Directors’  retirement   Onerous  contracts   Employee  entitlements   Other   Total  $’000 $’000 $’000 $’000 $’000 Balance at 1 July 2011 659  730  37, 328 1,662  40,379  Acquisition through business combination - - 1,977  196  2,173  Provisions made during the period 29  - 20,249  226  20,504  Provisions utilised during the period (406) (471) (21,203) (771) (22,851) Balance at 30 June 2012 282  259  38,351  1,313  40,205  page 97