Since you're using Lion, there is no need to update to iWork 9.2 which adds support for Mountain Lion features. Some users who have updated iWork to 9.2 while using Lion have had problems.
iWork '09 installed from the retail disk or from the downloaded trial must be updated through Software Update. But, as always, if you're not running the latest versions of the iWork apps installed from a retail box or the downloaded trial & Software Update says your software is up to date, make sure the applications are where the installer initially put them. The updaters are very picky. If the location is not where the updater is programmed to look or if the folder doesn't have the name the updater looks for, it will not work. The applications cannot be renamed or moved. If you installed from the downloaded trial or the retail box, they must be in the iWork '09 folder in Applications. That iWork folder must be named iWork '09. If it doesn't have the '09 Software Update won't find them & the updaters won't work.
You can also download the standalone updater from this page.