Your old pendant is wired in a somewhat unconventional manner. Normally there would only be red wires in that centre loop set of terminals.
I would be interested to see what you find when you actually remove that old pendant, there should be a couple more red wires hanging around somewhere - maybe a loft conversion bodger has done some creative wiring!
I cannot exactly tell from your photo, but if all 5 are connected together in the pendant then, yes, you need to connect them together in a bit of terminal strip.
Bascially you have to replicate what is already there.