Preheat oven to 350 F. Grease a 3.5-quart capacity Bundt pan with cooking spray.
In large bowl, whisk together flour, baking powder, baking soda, cinnamon, salt, nutmeg and allspice. In the bowl of an electric mixer fitted with a paddle attachment, combine sugar and margarine. Beat on medium speed for 3 to 5 minutes or until creamed and fluffy. Add eggs one at a time, allowing each to fully incorporate. Add vanilla and stir to combine. Slowly add dry ingredients and mix well to combine, scraping down the sides of bowl. Add molasses and hot water and mix just until completely combined.
Pour batter into prepared Bundt pan and bake 40 to 45 minutes or until a cake tester comes out clean. Cool 10 minutes in the pan. Invert onto a wire rack and cool completely.
In a small bowl, stir together sugar, bourbon and water until smooth. Pour over cake and let sit 10 to 15 minutes or until glaze hardens. Sprinkle with pecans and slice to serve.