I believe it's a real problem, let me explain.
Recently, the laptop has occasionally slowed right up when browsing or saving documents so I set off in search of the cause.
I noticed that the slowness coincided with page file usage increasing to over 1.5GB and several times as high as 2.3GB but both CPU and memory usage were not overly stressed nor was the machine doing anything intensive.
Initially I viewed the data in Task Manager then Process Explorer to verify what I was seeing in TM.
As I've said, the machine has been running perfectly and I've not recently added any applications so I'm not sure why it has suddenly slowed AND is using at least twice as much page file intermittently.
The page file setting is set to System Managed.
I'm now monitoring using Process Explorer and will investigate further if/when the problem re-occurs.