The information rate transferred through the Additive White Gaussian Noise (AWGN) channel affected by discrete-time multiplicative Wiener's phase noise is computed in the paper. Upper and lower bounds based on quantization of the phase space and trellis representation of phase noise memory are proposed. The results presented in the paper show that both the upper bound and the lower bound converge to the actual information rate as the number of quantizer's bins increases, the convergence of the lower bound being faster. The analysis presented in the paper allows for pilot symbols being considered. From the one hand, the insertion of pilot symbols penalizes the net symbol rate, thus subtracting space to information transmission, while, from the other hand, they bring information on channel state. The balance between what is lost and what is gained is computed in the paper.
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