If it is not sealed then metabisulphite will lose sulphur dioxide to the atmosphere and so will gradually lose strength. What remains is a mixture of sulphite (which is still an SO2 sterilant, just not as strong) and metabisulphite. If it is sealed up in a glass or plastic jar then it will be fine. If you have any doubts then carefully sniff it, and if you smell sulphur dioxide then it is good.
Generally, things with shelf lives are mixed formulations. Pure chemicals used in brewing that have unlimited shelf life (unless contaminated) include cream of tarter, tartaric acid, malic acid, citric acid, magnesium sulphate, diammonium phosphate monoammonium phosphate, dipotassium phosphate, potassium dihydrogen phosphate, and others that have been mentioned.