That's very sensible, i think it took me about 2 years from doing my last exam to doing the PER
A few months ago i got the letter to say i'm now a "Fellow", don't think it does anything other than charge me extra every year (or at least charge my company extra...)
I think I'm very much the odd one out on that front!
Yeah I think fellow comes with being qualified x number of years. Like yourself, it'll be a fee that's covered by the company I work for, thankfully.