Well, the pagefile is an extension of the system RAM - so, in fact you can say it's "RAM". If a virus is found inside the file, it means it is in memory (though as I said, it's probably a false alarm in this case). Only the operating system controls this file - a virus cannot "hide" there, it's up to the system what parts of the memory it will swap to the pagefile.
However, you cannot access (e.g. scan) the pagefile when the operating system is running. So, I believe the original poster scanned a pagefile of a system that was not running (either it was done using a boot-time scanner, or it's a multi-OS system). The content of the pagefile is not reused when the system is started - so the data inside the file can simply be ignored - they will be "forgotten" and overwritten by other data.