The combined fund, which will take effect 1 March 2013 subject to the completion of due diligence by both parties, will retain the AustSafe Super name, investment options and insurance.
"This merger further consolidates our position as the industry super fund for rural and regional Australia," AustSafe Super CEO, Craig Stevens said.
According to Mr Stevens, AustSafe Super will also seek other opportunities for fund growth in the period ahead.
"As our second merger in a matter of years, it probably won't be the last merger we undertake as part of a desire to derive the right scale to deliver the best value to members," he said.
Chairman of the board of the CRF, Alf Cristaudo, said while the super industry is undergoing major changes that will ultimately make the whole system stronger, the underlying costs associated with this was restrictive.
"Unfortunately, the cost of complying with these changes is high, and when a smaller number of members have to foot the bill, it's prohibitive," he said.
"The merger with AustSafe Super will allow the costs to be spread over a larger membership. Our members will be significantly better off in terms of fees and other benefits. There's no doubt this move is in our member's best interests," Mr Cristaudo said.
Under the merged fund, CRF members will now have access to AustSafe Super's nine investment options as well as the current CRF stable investment option.
AustSafe Super's incumbent investment consultant JANA will be the provider of investment advice on the CRF investments.
