Saltynay, do you have any links that backs up your claim of 5 years, or is that just your opinion?
Every bottle I have ever owned I always check the manufacture date and the expiry date because I am anal about such things and the majority I have used have a 5 years after production expiry date although 3 years has also been quite common. I would imagine the reaction of the removal of the chlorine would be through a chemical with excess or easily attainable electrons which in turn is quite likely to react with the air thus reducing its ability to be effective. An effective compound for this would be sodium thiosulfate
See this article:
STABILITY OF WEAK SODIUM THIOSULFATE SOLUTIONS
Author(s): DURHAM BW
Source: ANALYTICAL CHEMISTRY Volume: 46 Issue: 14 Pages: 2245-2245 Published: 1974
Sodium thiosulfate solutions don't break down over time. This author prepared and then stored several solution of sodium thiolsulfate for many years (10+) and then came back and came back and tested the reactivity of the solution. The solution lost less than 0.1% of its reactivity over that time -- probably well within the experimental error of the equipment.
The author does make mention of ensuring that the water used to prepare the solutions should be as sterile as possible and that you should add a little sodium carbonate to the solution, both precautions to inhibit bacterial growth that can consume sodium thiosulfate. However, I'd have to think that the dechlorinator manufacturers would know about such precautions today and would be adding these as well.
another older article:
The stability of sodium thiosulfate solutions
Author(s): Kilpatrick M, Kilpatrick ML
Source: JOURNAL OF THE AMERICAN CHEMICAL SOCIETY Volume: 45 Pages: 2132-2135 Published: JUL-DEC 1923
These authors bubbles CO2 and O2 through the solutions for days and then tested their reactivity after; again, almost no significant change in reactivity. They also confirmed that the solutions they did prepare that lost reactivity were due to "high bacterial count". That is, the solution wasn't sterile, and they were culturing bacteria that were consuming the thiosulfates.
I guess that if you left the bottle open and allowed a significant amount of fresh air to get in there, you could get some of the thiosulfate consuming bacteria in the bottle and the dechlorinator would lose its effectiveness. But, I suspect that most people use it fast enough and close the bottle when done that this risk is pretty minimal, really.