Pagefile is less important than an unfragmented MFT, but it is beneficial to keep it from being heavily fragmented. (2 big fragments or so is not too terrible, but if it is shotgunned into lots of teeny fragments, it will be most unpleasant when the system has to hit the swapfile.)
To defragment it, you will need a 3rd party defrag tool that does "boot time defragmentation". There are some choices for that, but a fairly good free one is "Piriform Defraggler." It cannot do MFTs, but it can do the pagefile, and other system log files that get shotgunned all over the drive and contribute to bad file placement over time. (To do MFTs, you need something like O&O, and only the paid version at that. The free trial does not let you defrag MFTs, but the paid version does. Scalpers.)
A good rule of thumb to get good results defragging the page file, is to move it to another drive by setting manual pagefile behavior (or turn it off, and let windows complain for awhile while you do the needful first...), defrag the bejeesus out of the drive a few times to get a big chunk of contiguous space, then move it back/turn it back on again, then boot time defrag the drive. Defraggler's "space--allow fragmentation" advanced option is great for this, because it will fill in empty allocation units (and fragment files to do so) in order to have contiguous free space at the bottom of the drive. (this is also useful if you want to shrink a volume... just FYI) This forces the system to have to make the swap file in that contiguous area when you turn swap back on again/put the file back on the system drive.
After that, the boot time defrag will see that the page file has zero fragments, and will skip it. Running a normal defrag afterwards will fix the radical fragmentation that "space-- allow fragmentation" causes.