From what I have read, at about 6 months under low temp and light it will slowly begin to breakdown. It will still work as it breaks down but it will require more for purification. Since smell is considered a factor during the purification process, it can still be used.
http://biotech.law.lsu.edu/cphl/Practice/water.htm
http://biotech.law.lsu.edu/cphl/Practice/water.htm