Preheat oven according to package directions. Bake until golden, then cool completely.
Combine vanilla pudding mix, eggnog, nutmeg, and rum extract in a mixing bowl. Beat on low speed for 2 minutes until thickened.
Gently fold Cool Whip into the pudding mixture with a spatula until creamy.
Spread mixture evenly into the baked crust, smoothing the top.
Refrigerate for at least 4 hours or overnight until firm.
Top with whipped cream and a dusting of nutmeg before serving.
