If it's all the artistic attributes you want to save (color, typeface, effects, styles, etc.), what you want to do is not "cut and paste" so much as "save and place." Remove elements in the Illustrator document you don't want to have appear on the PageMaker page, and save that document as an EPS. Then go PageMaker and place the EPS on the page (I forget what exact command you use, being a Quark XPress user for many years). If something else appears behind the object, it can be seen peeking out from behind it, and you can scale it and crop it on the page, so it's as good as cut-and-pasted, except if you want to edit it, you have to go back to Illustrator.
If you just want to send the wording to PageMaker, then export the text as a .TXT document, then bring it into PageMaker the way you'd bring in any story, giving it color, typeface, etc. in PageMaker.