Formic acid is an attractive means to reversibly store dihydrogen. In this context, d6 pianostool complexes rank among the most‐effective formate dehydrogenase catalysts. With biologically generated formic acid in mind, we evaluated the performances of iridium‐based pianostool complexes bearing a cooperative ligand, which are known to catalyze formate decomposition. Interestingly, the phenylpyrazole‐derived catalyst [Cp*Ir(phenpz)(OH2)]+ (7, Cp* = pentamethylcyclopentadienyl, phenpz = 1‐phenylpyrazole) compares favourably with the very best systems [Cp*Ir(phenpzCO2H)H2O]+ [8, phenpzCO2H = 4‐(pyrazol‐1‐yl)benzoic acid] and [Cp*Ir(imim)H2O]2+ [11, imim = 2,2′‐bis(4,5‐dimethylimidazole)]. These catalysts display remarkable air tolerance, recyclability and activity under dilute aqueous conditions.