Yes, it happens when you use a deeply reduced thrust setting (TO2 or 50+ deg assumed temp), and select full CLB thrust. It does illustrate the idiocy of the deeply reduced TO thrust settings, since there is NO additional "engine savings" gotten from the deep reductions, and performance & safety margins are reduced proportionately.
Along those lines, our check airmen got a briefing from a GE engine guy earlier this year that confirmed that there is no "engine savings" to be had from CLB1 or CLB2 settings, and they also increase overall fuel consumption. So our new policy is to use full CLB thrust regardless of TO thrust setting.
Supposedly the upcoming (Sep or Oct) AeroData performance software revision for the 747-8 will restrict the maximum thrust reduction in Assumed Temp calculations such that TO thrust will never be below full CLB thrust...