and it wasn't possible for me to see that before?

Pilz.Configuration/Pilz.Configuration.csproj

@@ -7,7 +7,7 @@
   </PropertyGroup>
   
   <PropertyGroup>
-    <Version>3.2.3</Version>
+    <Version>3.2.4</Version>
   </PropertyGroup>
   
   <ItemGroup>

Pilz.Configuration/Settings.cs

@@ -20,12 +20,8 @@ public class Settings : ISettings
             return settingsExisting;
 
         // Create new & reset
-        T instance = default;
         if (Activator.CreateInstance<T>() is T settingsNew)
-        {
             settingsNew.Reset();
-            instance = settingsNew;
-        }
         else
             settingsNew = default;
 
@@ -36,7 +32,7 @@ public class Settings : ISettings
 
             // Populate
             if (settingsNew != null)
-                serializer.Populate(valueRaw.CreateReader(), instance);
+                serializer.Populate(valueRaw.CreateReader(), settingsNew);
 
             // Deserialize (fallback)
             else if (valueRaw.ToObject<T>() is T settingsDeserialized)