Extending PW lock after screen saver timeout

My screen saver is set to kick in after 3 minutes as I dont necessarily want people to see what is in my screen if I get distracted on the phone, etc. I have also set the lock computer after screen saver in systems preferences since I often will walk away from the computer and dont want anyone to have access to it.

The problem is having to enter my password immediately after the screen saver is active. On Windows computers the screen saver will kick in, but the password lock will not for several minutes after the screen saver.

Is there some hack I can use so that the screen saver will activate, but the lock will wait another few minutes?

You have the option of how much time in system preferences under security in general.

Thanks for your reply. I intended to mention it is 10.5.8 but some where got side tracked. I have a check box for enable password, but no drop down list for times.