Vocabulary check: [Fellow of the] Royal Society [Fellowship]?

[xela]

Quick question for my British friends: Until a few minutes ago, when I heard of someone that they had received a Royal Society Fellowship, I took that as equivalent to saying that person is a Fellow of the Royal Society. I now (based on a passing reference in the "The Life Scientific" episode with Carol Robinson, which I'm in the middle of listening to) think I was completely wrong about that. But I wanted to check with those of you who are closer to the subject to be sure. That is, I now believe an FRS is something of a lifetime achievement award, though generally given well before retirement. And a Royal Society Fellowship is a research grant, generally received early in one's post-PhD career, and along the same lines as many other postdoctoral fellowships. Am I right?