Cut pound cake in half horizontally (or in 3 even horizontal slices and make it even more fanciful. Just half the filling for each layer). Using an electric mixer, beat cream cheese and powdered sugar together until light and fluffy.
Spread cream cheese on bottom piece of cake. Sprinkle with toffee bits (if using) and gently press the pieces into the cream cheese. Spread the other half of the pound cake with Nutella.
Place Nutella cake over top of cream cheese side (like a sandwich). Immidiately wrap cake tightly in foil, place back into loaf pan, and refrigerate 2 hrs or overnight.
When ready to serve, cut into 6 wide slices then cut the slices in half (making 12 pieces total).