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Step 1
Preheat oven to 325 degrees and generously spray all surfaces of a 12 cup nonstick bundt pan with nonstick cooking spray WITH FLOUR*, OR grease and flour the inside. Set aside.
Step 2
Beat the butter until creamy then add sugars, beating until fluffy (no less than 3 minutes). Add eggs, one at a time, beating until just the yellow disappears after each egg.
Step 3
In a medium bowl, combine flour, baking powder, and salt. Gradually add flour mixture to butter mixture in thirds, alternately with milk in between each third. Beat until just combined. Stir in toffee bits and pecans then spoon batter into prepared pan.
Step 4
Bake until a wood pick inserted near the center of cake comes out clean, 75 - 90 minutes (wide range due to different pan colors/shapes). You may need to cover the top of the cake with foil near the end of cooking time to prevent excess browning.
Step 5
Let cake cool in pan for 15 minutes. Remove from pan, and let cool completely on a wire rack. Spoon caramel over cake and devour. (Slices are exponentially more delicious if heated in the microwave for 10-15 seconds or heat a plate of slices for 30 seconds.)
Step 6
IF MAKING AHEAD: I suggest keeping the cake and caramel separate. Reheat the caramel just until warm. Working in batches, add slices of cake to plate and heat in the microwave for about 30 seconds then drizzle with caramel.