Yes, the 8 pin and 12 pin are both connected. I've also tried using a different power supply and the same problem occurs.
Specs are:
Intel Core i7 950 3.06GHz
MSI GeForce GTX 470 1280MB
Patriot Viper 6GB (3x2GB)
Corsair Force 40GB F40
Corsair TX 650W Power Supply
Samsung SpinPoint F4 EcoGreen 2TB
I've also tested each RAM individually in slot 1 and with just having 1 stick of RAM, the PSU and CPU connected.