I can only recommend to use the same values for Initial and Maximum Size of the pagefile.
Not doing so may still result in memory allocation errors.
Microsoft's pagefile extend algorithm is working slower than you may request memory.
As a result you still may face memory allocation errors even the configured maximum size of the pagefile has not been reached.
This is valid for all operating system versions (up to Windows Server 2012/Windows 8)
kind regards
Peter