Preheat the oven to 325℉ (160°C). Grease a 10-inch tube or bundt pan and set it aside.
Cream the butter and sugar at high speed in a stand mixer until fluffy and starting to look white, 5-7 minutes.
Add the eggs, one at a time, beating well between each one and adding a tablespoon of the flour with the last egg to prevent the batter from curdling.
Add the flour, powdered milk, and baking powder into the batter, alternating with the milk until fully absorbed by the mixture.
Then add the rum, vanilla, and nutmeg. Stir well until everything is fully combined, scraping down the sides of the mixing bowl as you go.
Add the chopped pecans to the bottom of the greased cake pan. Then pour in the batter on top of the pecans.
Bake at 325℉ (160°C) until a tester inserted into the center comes out clean, 55-60 minutes. Remove from the oven. Let it cool in the pan for about 10 minutes, then flip it out onto a cake plate.
Pour batter into a bundt plan , on top of the pecans.
Bake at 325 until a tester inserted into the center comes out clean, 55-60 minutes. Remove from the oven. Optionally, pour half of the rum glaze over the cake before removing it from the pan, then drizzle the rest over the finished cake.