We present an approximate analytic expression for the photoluminescence spectral function of a model polariton system, which describes a quantum dot, with a finite number of fermionic levels, strongly interacting with the lowest photon mode of a pillar microcavity. Energy eigenvalues and wave functions of the electron-hole-photon system are obtained by numerically diagonalizing the Hamiltonian. Pumping and photon losses through the cavity mirrors are described with a master equation, which is solved in order to determine the stationary density matrix. The photon first-order correlation function, from which the spectral function is found, is computed with the help of the quantum regression theorem. The spectral function qualitatively describes the polariton lasing regime in the model, corresponding to pumping rates two orders of magnitude lower than those needed for ordinary (photon) lasing. The second-order coherence functions for the photon and the electron-hole subsystems are computed as functions of the pumping rate.