There is no System Updates when I go to About Phone, please help?
The system updates differ from country to country or varies place to place. Same phone from one place may be provided with an update whereas same phone from another place cannot be updated. The reason for you not getting might just be this.

But please recheck : 

According to GSM ARENA you phone can be updated to 5.0.

Also update is the must the flashing a custom rom is also an option.