In a large bowl cream butter and 2 cups icing sugar until fluffy. Beat in eggs one at a time, beating well after each addition. Stir in flour and vanilla then pecans and lemon peel. Pour batter into greased 25cm ring tin.
Bake at 165 degrees C for 40 to 45 minutes, or until done. Cool. Remove cake from pan and invert onto serving plate.
Make glaze by mixing 1 cup sifted icing sugar with fresh lemon juice. Drizzle over cake.