Place heavy cream and ¼ cup powdered sugar in the bowl of a stand mixer fitted with the whisk attachment. Whip until stiff peaks form. Scrape into a medium bowl and set aside.
To the same stand mixer bowl, add remaining powdered sugar, peanut butter, cream cheese and vanilla. Mix with paddle attachment at medium speed for 3 to 4 minutes, or until light and fluffy.
Remove the bowl from the stand mixer and add half of the whipped cream. Cover and reserve the remaining whipped cream for serving. Using a rubber spatula, fold the whipped cream into the peanut butter mixture until well combined.
Scrape the peanut butter mixture into the prepared crust, smoothing the filling into an even layer. Cover with plastic wrap and set in the freezer to chill for at least 3 hours, or overnight.
When ready to serve, top with reserved whipped cream and garnish with chocolate shavings.
Notes
Storage: Cover with plastic wrap or place in an airtight container and transfer to the freezer to store. It will keep in the freezer for up to one month. To serve, simply pull the pie out of the freezer, top with whipped cream and chocolate shavings, and enjoy. It’s best kept in the freezer, but if you prefer a looser, creamier texture, you can keep it in the refrigerator. Just cover it with plastic wrap or place the pie in an airtight container and refrigerate. No-bake peanut butter pie keeps in the freezer for up to one month or in the refrigerator for up to three days.