Eric Enge Can a NoIndex page accumulate PageRank?
Matt Cutts A NoIndex page can accumulate PageRank, because the links are still followed outwards from a NoIndex page.
Eric Enge So, it can accumulate and pass PageRank.
Matt Cutts Right, and it will still accumulate PageRank, but it won’t be showing in our Index. So, I wouldn’t make a NoIndex page that itself is a dead end. You can make a NoIndex page that has links to lots of other pages.
Eric Enge Interviews Google’s Matt Cutts
Control Flow of Pagerank with robots.txt and NoFollow, NoIndex