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While the changed substratum doctrine can provide useful relief to an employee with an out-of-date employment contract, a promotion is an excellent time to review your contract and ensure that changes shouldn't be made. Your employer may even present you with a new contract including certain changes.
Depending on what the employer is offering, you might be better off without a contract but with the protection of the common law. Employers sometimes use a promotion or a salary increase to introduce new and more restrictive employment contracts.
If you're glad to get the promotion and didn't expect a pay increase, you don't have to do anything but say "thank you." You may want to ask when you can expect a pay increase if you're taking on additional responsibilities. Take the offer but ask to revisit your salary at a specific later date.
Accept the promotion, but inquire about future pay raises. If you're overjoyed with the promotion and weren't expecting a pay raise, all you have to do is say "thank you." If you're taking on more responsibilities, you should inquire about when to assume a pay raise.
Script on how to ask for a promotion without asking I wanted to discuss my career path in [company name]. I've been working here for [time period], and I've enjoyed my time here. I appreciate the learning opportunities and feel attached to the company's values and goals.